Mumbai: Indian equity markets opened and traded higher on Friday, with Sensex and Nifty today rising sharply despite renewed geopolitical tensions and concerns over a possible disruption in the Strait of Hormuz, a key global oil shipping route.

The upbeat momentum in the Indian stock market mirrored positive cues from global markets, even as investors continued to track volatility in energy prices and West Asia developments.

Sensex, Nifty today: Intraday performance

The BSE Sensex rose as much as 0.82% or 630 points to touch an intraday high of 77,261 in early trade. The NSE Nifty 50 advanced 0.85% or 203 points to trade at 23,978.

Earlier in the session, the Sensex opened at 77,121, up 0.64% or 489 points, while the Nifty opened at 23,880, higher by 0.44% or 100 points, indicating strong buying interest at market open.

Sectoral performance: Banking, auto and metal stocks lead

Sector-wise, banking stocks, auto stocks, realty, energy, and metal stocks were among the top gainers in the Indian equity market. However, the IT sector traded in negative territory, weighing slightly on broader gains.

Major laggards included Infosys, Sun Pharma, Tech Mahindra, HCL Technologies, and Hindustan Unilever (HUL).

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Market outlook: Energy prices and inflation in focus

Market analysts noted that the impact of recent global shocks appears limited on equities compared to the volatility seen in global crude oil prices and energy markets.

Experts said the current trend reflects expectations that oil prices may stabilise and moderate over the next three to six months, reducing pressure on inflation and supporting equity valuations.

While a mild impact on economic growth and a slight uptick in inflation cannot be ruled out, analysts maintained that the broader outlook for the Indian stock market remains positive, supported by expectations of a strong upcoming earnings season.

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Global market cues support sentiment

Asian markets traded in the green, supporting domestic sentiment. Japan’s Nikkei 225 index surged over 1% (more than 900 points) to 56,815. Hong Kong’s Hang Seng index gained around 0.7% or 200 points to 25,936, while South Korea’s KOSPI advanced 1.5% to 5,877.20. Other regional indices also posted gains.

On Wall Street, US markets closed higher. The S&P 500 index rose 0.62% to 6,824.66, while the Nasdaq Composite climbed 0.82% to 22,821.66, reflecting continued risk appetite in global equities.

Crude oil prices remain elevated

In commodities, crude oil prices today edged higher amid supply concerns. Brent crude rose 1.13% to USD 97.01 per barrel, while US West Texas Intermediate (WTI) crude gained 1.39% to USD 99.24 per barrel.

The combination of strong global equities and firm oil prices continues to keep investors focused on the balance between inflation risks and market resilience in the near term.

IANS