Sensex, Nifty trade higher as investors track US-Iran ceasefire developments

Mumbai, May 29 (IANS) Domestic equity markets traded marginally higher in morning trade on Friday as investors and traders closely monitor developments in West Asia and await clarity on a potential extension of the US-Iran ceasefire.

Sensex rose as much as 352 points or 0.46 per cent to touch an intraday high of 76,220 in early deals, while Nifty traded around 100 points or 0.40 per cent higher at 24,002.

Sectorally, information technology stocks led the gains with Nifty IT rising over 2 per cent, followed by gains in mid-small IT and telecom, healthcare, pharma and PSU banking stocks. Realty, media and metal indices also traded in positive territory.

On the downside, chemicals, consumer durables and financial services-related indices witnessed selling pressure, while FMCG stocks traded largely flat.

Meanwhile, Bharti Airtel, ONGC, Eicher Motors, BEL and HDFC Bank were among top Nifty losers.

According to market experts, declining crude oil prices and stronger-than-expected corporate earnings are emerging as key positives for equities.

They said lower oil prices could support India’s macroeconomic outlook and the rupee, while sectors such as defence, capital goods, financials and pharmaceuticals continue to show growth potential.

On the commodities front, international benchmark Brent crude slipped 1.24 per cent to $91.55 per barrel, while US West Texas Intermediate (WTI) crude fell nearly 2 per cent to $87.37 per barrel.

Asian markets traded firmly higher, with Japan’s Nikkei rising more than 2 per cent, while Hong Kong’s Hang Seng and South Korea’s KOSPI surged up to 3 per cent.

Overnight, Wall Street ended in positive territory, with the S&P 500 advancing 0.58 per cent and the Nasdaq gaining nearly 1 per cent.

–IANS

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