Daijiworld Media Network - Mumbai
Mumbai, May 4: Indian equity markets began the week on a firm footing, with benchmark indices rising around 1 per cent in early trade on Monday, supported by softer crude oil prices and improved global sentiment.
The BSE Sensex surged as much as 833 points, or 1.08 per cent, to touch an intraday high of 77,746.79. Meanwhile, the Nifty 50 climbed over 250 points, or 1.03 per cent, reaching 24,245.85.
Buying interest was seen across several sectors, particularly auto, realty, metals, FMCG, and energy. Sectoral indices such as Nifty Auto, Nifty Realty, Nifty Metal, Nifty FMCG, and Nifty Oil & Gas rose by as much as 2 per cent during the session.
However, select heavyweight stocks remained under pressure, with declines seen in Kotak Mahindra Bank, Dr Reddy’s Laboratories, TCS, ITC, Bharti Airtel, and Eternal.
Global cues also supported sentiment, as crude oil prices eased amid easing geopolitical tensions in West Asia. Brent crude fell to $107.51 per barrel, while US West Texas Intermediate dropped to $99.11 per barrel.
Market participants also tracked geopolitical developments, including statements from US President Donald Trump regarding a proposed humanitarian initiative for vessels passing through the Strait of Hormuz. Investors also monitored diplomatic developments involving Iran and ongoing regional negotiations.
Domestically, attention remains on upcoming Assembly election results in key states, including West Bengal and Tamil Nadu, which could influence short-term market sentiment.
Asian markets also traded higher, with Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s KOSPI gaining up to 4 per cent, adding further support to global risk appetite.
Analysts noted that crude oil trends, geopolitical developments, and election outcomes will continue to drive near-term market direction.