Indian stock markets gain in early trade over positive Asian cues

MUMBAI — The Indian equity markets gained moderately in early trade on Thursday, tracking gains in Asian peers despite rising tensions in the Middle East.

As of 9.30 am, Sensex gained 246 points, or 0.31 per cent, to reach 79,362 and Nifty added 84 points, or 0.35 per cent, at 24,565.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 added 1.02 per cent, and the Nifty Smallcap 100 gained 1.11 per cent.

All sectoral indices traded in green except FMCG and IT, down 0.13 per cent and 0.32 per cent. Nifty metal as well as oil and gas led gains, up 1.23 per cent and 1.43 per cent, respectively.

Also read: Oil prices cross $83 per barrel as Middle East tensions escalate

The Indian benchmark indices closed in red in the previous session, as the widening conflict in the Middle East impacted investment sentiment.

WTI crude oil April Futures went up 3.36 per cent on intraday basis, extending a three-day gain as exports from Iraq and Kuwait could begin shutting down within days if the Strait of Hormuz remains closed.

Rupee slumped 69 paise to touch 92.18 against the US dollar in the previous session, but regained to 91.66 driven by sharp spike in crude oil prices.

The immediate resistance zone of Nifty is placed between 24,600 and 24,650, while support is observed in the 24,300–24,350 range.

Resistance for Bank Nifty is seen in the 59,000–59,100 band, while the 58,400–58,500 zone remains a key support area, market participants said.

In Asian markets, China's Shanghai index gained 0.84 per cent, and Shenzhen added 1.67 per cent, Japan's Nikkei advanced 1.84 per cent, and Hong Kong's Hang Seng Index gained 1.13 per cent. South Korea's Kospi added 9.69 per cent.