Mumbai, May 21: Benchmark equity indices were trading higher in early trade on Thursday, helped by easing oil prices and a sharp rally in global markets amid hopes that the West Asia conflict would end soon.
The 30-share BSE Sensex climbed 327.74 points to 75,646.13 in early trade. The 50-share NSE Nifty went up by 111.75 points to 23,772.05.
From the 30-Sensex firms, InterGlobe Aviation, Bharat Electronics, Asian Paints, Tata Steel, Larsen & Toubro and Eternal were among the major winners.
Trent, Infosys, Sun Pharma and Bajaj Finserv were among the laggards.
Brent crude, the global oil benchmark, cooled and traded at USD 105.7 per barrel level.
In Asian markets, South Korea’s benchmark Kospi, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index were trading higher, while Hong Kong’s Hang Seng index quoted marginally lower. Kospi traded over 7 per cent higher.
US markets ended significantly higher on Wednesday.
“Brent crude declining to USD 106 this morning is a positive signal. Perhaps the market is taking cues from President Trump’s remark that ‘the conflict will end soon and oil prices would plummet’,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,597.35 crore on Wednesday, according to exchange data.
Investor sentiment has improved meaningfully as markets increasingly begin to price in the possibility of de-escalation and a potential diplomatic resolution between the US and Iran, Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.
On Wednesday, the 30-share BSE benchmark climbed 117.54 points, or 0.16 per cent, to settle at 75,318.39. The Nifty edged higher by 41 points, or 0.17 per cent, to end at 23,659. (PTI)
