Sensex, Nifty opening: Will stock market open higher today?
India Today
At 8:30 am, Gift Nifty futures were trading at 24,677.00. This indicates that the benchmark Nifty 50 may open above Wednesday's closing level of 24,480.5.
Stock markets are expected to open higher on Thursday, taking cues from a recovery in Asian markets after a sharp fall earlier this week. The positive signal comes even as investors remain cautious due to the ongoing conflict in the Middle East and rising crude oil prices.
At 8:30 am, Gift Nifty futures were trading at 24,677.00. This indicates that the benchmark Nifty 50 may open above Wednesday’s closing level of 24,480.5.
The possible recovery comes after two days of losses in the market. The Nifty has already fallen 2.8% this week and hit a six-month closing low as global markets reacted to the Middle East conflict and rising oil prices.
Asian markets showed a recovery on Thursday. MSCI’s broadest index for Asia-Pacific stocks outside Japan rose 2.6%. This comes after the index had fallen 8.6% in the previous three trading sessions when fears about the Middle East war shook investor confidence.
The rebound in Asia followed gains on Wall Street overnight. Investors found some relief after reports suggested that Iran may be open to talks to end the conflict.
A report by the New York Times said Iranian intelligence operatives had indirectly contacted the CIA a day after the attacks. However, US officials reportedly remain doubtful that a quick de-escalation will happen.
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Sensex has declined over 6,000 points or roughly 7.5% in a little over two weeks as global tensions and rising oil prices triggered selling in equities.
Speaking in Parliament, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India has adequate fuel stocks, and there is no cause for concern over availability.
Industry sources told India Today TV that airline operators are now paying additional insurance charges for every aircraft flying into the Middle East, significantly increasing the cost of operations on these routes.
Under law, a domestic household is generally allowed to keep two LPG cylinders of 14.2 kg each at a time. This usually includes one cylinder connected for use and another spare cylinder kept as backup.
Early signals from GIFT Nifty suggest that the benchmark indices could open lower when trading begins. GIFT Nifty futures were trading at 23,784.50 at around 7:58 am. This indicates that the Nifty 50 may open below Wednesday's closing level of 23,866.85.
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The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
India consumes roughly 5.3 to 5.5 million barrels of crude oil every day. However, domestic production is only about 0.6 million barrels per day. This means the country depends on imports for nearly 85% of its oil needs.