The Bengal Story Bureau: India’s benchmark equity indices opened higher on Wednesday, June 10, with the BSE Sensex rising 303.73 points to 74,222.49 in early deals as investors bought into blue-chip stocks and a softening crude oil market brightened the near-term outlook for domestic equities.
The NSE Nifty 50 advanced 85.40 points to 23,327.50, extending the previous session’s gains. Heavyweights such as Reliance Industries and ICICI Bank anchored the rally, while cooling oil prices eased worries over inflation and the country’s import bill.
Blue-chips lead the buying
The advance was broad among large-cap names. Hindustan Unilever, Reliance Industries, Kotak Mahindra Bank, Asian Paints, Trent and ICICI Bank were among the biggest gainers on the 30-share Sensex in early trade.
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Not every counter joined the move. Tata Steel, Eternal Ltd, Adani Ports and Tech Mahindra were among the laggards, weighing on the index even as the broader trend stayed positive.
Cooling crude offers relief
A key support for sentiment was the easing in global oil prices. Brent crude, the international benchmark, traded at around 91.90 dollars a barrel, holding below recent peaks despite tensions in West Asia.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the market was likely to treat the latest escalation in the region as a one-off, with the softness in crude prices reflecting that view. He noted that Brent continued to trade below the 93-dollar level even after the flare-up.
Hariprasad K, Research Analyst and founder of Livelong Wealth, said the dip in crude was a clear positive for Indian markets, easing pressure on both the inflation outlook and current account concerns.
Global cues and FII flows
Cues from abroad were softer. South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng were all trading lower, while US markets had ended mostly lower on Tuesday. Vijayakumar also pointed to a creeping fatigue in the global AI trade as a notable shift in sentiment.
Domestic flows remained a watch point. Foreign Institutional Investors offloaded equities worth Rs 4,566.03 crore on Tuesday, according to exchange data, a reminder that overseas selling has continued even as benchmarks edge up.
The Wednesday open built on a firm previous session. On Tuesday, the Sensex had climbed 394.50 points, or 0.54 per cent, to close at 73,918.76, while the Nifty ended 119.10 points, or 0.52 per cent, higher at 23,242.10. Traders will now track crude movements and foreign fund activity through the rest of the session for direction.
