NIFTY50 opens at 24,669, SENSEX jumps over 600 points amid lower crude oil prices; IndiGo, L&T among top gainers

At 9:15 am opening bell, the NIFTY50 index opened 0.22% or 54.30 points higher at 24,669.20 points on Wednesday’s market, compared to 24,614.90 points at the previous equity market close, as per NSE data.

The BSE opened 0.79% or 626 points higher at 79,055.38 points on August 5, compared to 78,428.95 points at the previous stock market close, as per the exchange data.

Before the opening bell on Wednesday, the GIFT NIFTY futures were trading 0.4% higher at 24,931 points, indicating a higher opening as equity market investors focused on the market dynamics and price movement with the newly implemented Closing Auction Session (CAS) earlier this week.

Investors are expected to remain cautious, monitoring the trend in the market under the new mechanism, which led to changes in gains and losses for individual company shares while keeping the indices largely unchanged at the previous market close.

The Indian stock market indices also witnessed support and positive momentum from the Asian markets as Japan’s Nikkei 225 was trading over 3% higher, while the South Korean KOSPI was up more than 4% on August 5.

Other benchmark indices in Asia, like Hong Kong-based Hang Seng, Singapore’s FTSE, and China’s Shanghai Composite were trading in the green as global investors focused on lower oil rates in the market amid positive cues from the West Asia conflict.

Top gainers & losers today

Stocks like InterGlobe Aviation (IndiGo), Larsen & Toubro (LT), Bajaj Finance, Mahindra & Mahindra, Wipro, Tata Motors PV, Shriram Finance, and Adani Enterprises were among the top gainers as of the early market hours on Wednesday.

IndiGo was up 2%, Larsen & Toubro was up 1.8%, Bajaj Finance was up 1%, Mahindra & Mahindra was up 1.2%, Wipro was up 1%, Tata Motors PV was up 1%, Shriram Finance was up 0.7%, and Adani Enterprises was up 0.8%.

Others like Apollo Hospital lost 2.3%, Sun Pharma lost 1.3%, SBI Life Insurance lost 1.1%, Nestle India lost 1%, Dr Reddy’s lost 1%, and TCS dropped 0.8% were among the top laggards during the trading session on August 5.

Out of the 50 listed stocks on the benchmark NIFTY50 index, 25 stocks were trading in the green, while the remaining 25 stocks were down in the red as of the morning hours on Wednesday’s trading session.

Crude oil drops under $80/barrel

Global crude oil prices declining under $80 per barrel on Tuesday evening, further aiding market sentiment as commodity market investors focused on the optimism of a potential deal to open the Strait of Hormuz, in turn normalising trade and conflict.

US Treasury Secretary Scott Bassent told CNBC that there is a chance the deal is likely to happen today or tomorrow, while US Secretary of State Marco Rubio said that progress has been made in talks with Iran and Oman.

At 9:39 am (IST) on Wednesday, the global benchmark Brent crude oil prices were trading 1.22% lower at $78.38 per barrel, compared to the previous market close at $79.36 per barrel, as per Investing.com data.

Data further showed that crude oil prices have declined more than 13% in the last five trading sessions and over 28% in the last three months. However, the energy prices have remained more than 8% elevated in the past one-month period.