Sensex, Nifty End Higher but Trim Gains as Oil Prices Surge
MUMBAI — Indian stock markets closed higher on Wednesday but gave up much of their early gains as a spike in global crude oil prices dampened investor sentiment.
The benchmark Sensex rose 609.45 points, or 0.79%, to finish at 77,496.36, while the Nifty 50 gained 181.95 points, or 0.76%, to settle at 24,177.65.
Markets had traded stronger earlier in the session, but momentum weakened after Brent crude prices jumped more than 3% to $114.60 per barrel, raising concerns about inflation and potential pressure on corporate margins.
The surge in oil prices followed stalled negotiations between the United States and Iran, which heightened fears of supply disruptions. Additional uncertainty came after the United Arab Emirates said it would exit the Organization of Petroleum Exporting Countries effective May 1, adding to volatility in energy markets.
Despite the late pullback, gains in heavyweight stocks helped keep the benchmarks in positive territory. ITC, Tech Mahindra, and Maruti Suzuki India were among the top performers on the Nifty.
Broader markets were mixed. The Nifty MidCap index edged down 0.07%, while the Nifty SmallCap index rose 0.65%.
Sectoral trends were uneven, with FMCG and realty stocks leading gains on buying interest in consumption-driven and property-linked shares. In contrast, construction and media stocks lagged due to cautious sentiment and sector-specific pressures.
Analysts said key technical levels remain in focus, with 24,200 seen as immediate resistance for the Nifty. On the downside, a break below the 24,000–24,100 range could weaken the near-term outlook, with 23,900 acting as the next support level.
Market participants are now closely watching global developments, including the U.S. Federal Reserve’s policy decision, as well as ongoing geopolitical tensions and corporate earnings, which are expected to drive near-term market direction. (Source: IANS)
