IT stocks lead gains as Sensex, Nifty open higher on easing oil prices

Mumbai (TIP): Benchmark stock market indices opened with modest gains, supported by easing crude oil prices, a stronger rupee and optimism around a possible US-Iran deal that could ease pressure on India’s economy.
The S&P BSE Sensex rose 98.09 points, or 0.13%, to 75,965.89 in early trade, while the NSE Nifty50 gained 16.20 points, or 0.07%, to 23,923.35, as of 9:25 am. Investor sentiment received support after Brent crude fell below the $93 per barrel mark amid expectations that the US and Iran could reach an agreement.
Brent crude was down 1.12% at $92.66 per barrel, while WTI crude declined 1.17% to $87.85 per barrel. The Indian rupee also strengthened 0.15% to open at 95.55 against the US dollar, compared with its previous close of 95.69.
Broader markets traded in positive territory, with the Nifty Midcap 100 rising 0.21% and the Nifty Smallcap 100 gaining 0.38%. India VIX, the volatility index, slipped 1.16%, indicating lower market volatility.
Among sectoral indices, Nifty IT emerged as the top gainer, rising 2.07%. Nifty Realty advanced 0.61%, while Nifty Pharma and Nifty PSU Bank gained 0.59% and 0.58%, respectively. Nifty Media rose 0.36% and Nifty Healthcare Index added 0.31%. On the other hand, Nifty Consumer Durables declined 0.17%, while Nifty Oil & Gas slipped 0.07%.
Among Sensex stocks, Infosys led the gainers with a rise of 3.09%. HCL Technologies climbed 1.52%, Tata Consultancy Services gained 1.48%, Trent advanced 1.47%, and Tech Mahindra rose 1.06%. Maruti Suzuki India and ICICI Bank also traded higher.
On the losing side, Bharti Airtel fell 1.33%, Bharat Electronics declined 0.98%, Adani Ports and Special Economic Zone slipped 0.90%, HDFC Bank dropped 0.80%, and Indigo was down 0.51% in early trade.
Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said, “There are some positive trends on the economic and market front. Brent crude declining to below $93 is a big positive. This has happened on expectations of a deal between US and Iran. Therefore, if a deal happens crude can decline further, thereby improving India’s macros which have been under pressure from the energy crisis. This will also help stabilise the rupee, which, in turn, can restrain the FPI outflows.”
He added, “Already, the intensity of FPI selling has come down. A positive trend from the market perspective is that Q4 results have been better-than-expected.