Sensex, Nifty Rise as Crude Prices Ease on Iran-Oman Talks Over Strait of Hormuz

The Indian equity markets posted a mild uptick early on Thursday as oil prices edged down on expectations of Iran-Oman talks over opening the Strait of Hormuz. As of 9.18 am, Sensex added 81 points, or 0.10 per cent, to reach 77,553 and Nifty gained 37 points, or 0.16 per cent, to reach 24,425. Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 added 0.31 per cent, and the Nifty Smallcap 100 gained 0.24 per cent. All sectoral indices on NSE traded in green except Nifty Media.

Nifty IT was the top gainer up 0.42 per cent. Brent crude eased 0.6 per cent to $87.30 a barrel after Iran informed about discussions with Oman to finalise the Strait of Hormuz-related agreement, easing concerns over prolonged oil supply disruptions in West Asia. "The near-term bias remains cautious and range-bound, with mixed Asian markets and subdued global cues keeping investors watchful. The focus remains on inflation, bond yields and ongoing geopolitical developments, while easing crude prices could provide some support to Indian equities," an analyst said.

The immediate support for Nifty is placed at 24,000–24,050 level. On the upside, the 24,350–24,400 zone remains a key hurdle for the bulls, market participants said. In Asian markets, China's Shanghai index gained 0.63 per cent and Shenzhen added 1.17 per cent. Japan's Nikkei lost 0.15 per cent, and Hong Kong's Hang Seng Index eased 0.47 per cent. South Korea's Kospi added 2.01 per cent. Overnight, Wall Street ended mixed-to-lower as investors assessed Nvidia’s earnings and renewed concerns over US inflation, while early Asian markets are trading mostly higher. The US markets ended in red overnight as Nasdaq lost 0.08 per cent. The S&P 500 shed 0.02 per cent, and the Dow Jones dipped 0.21 per cent. On August 26, foreign institutional investors (FIIs) net bought equities worth Rs 502 crore, while domestic institutional investors (DIIs) bought equities worth Rs 6,425 crore.

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