Sensex, Nifty Open Higher Despite Weak Asian Cues, Crude Near $93

Indian benchmark indices opened higher on Monday, despite weak cues from Asian markets, as easing crude oil prices provided some relief amid continued geopolitical uncertainty in West Asia.

The BSE Sensex gained 208.53 points, or 0.27%, to trade at 77,749.36, while the Nifty 50 rose 47.25 points, or 0.19%, to 24,299.25.

Sectorally, Nifty Media and Nifty IT were the top gainers in early trade, while Nifty Pharma emerged as the biggest loser.

Asian Markets Under Pressure

Asian markets were largely lower in early trade. Hong Kong's Hang Seng fell 2.11% to 25,460.28, while South Korea's KOSPI declined 3.08% to 6,699.98. Japan's Nikkei slipped 0.07% to 65,968.71.

In China, the Shanghai Composite fell 0.72% to 3,877.01, while the Shenzhen index declined 2.43% to 13,751.71. Australia's ASX 200, however, gained 0.57%.

The weakness across Asian markets came as investors continued to assess global geopolitical risks and developments around oil supplies.

Crude Prices Ease Ahead Of Iran Sanctions

Oil prices fell by more than $1 a barrel on Monday as investors booked profits ahead of an expected US announcement on new sanctions against Iran.

Brent crude futures fell $1.22, or 1.29%, to $93.17 a barrel by 0035 GMT, while US West Texas Intermediate crude declined $1.20, or 1.38%, to $85.86.

According to Reuters, both contracts had gained more than 5% last week for a second consecutive weekly rise, after US-Iran peace talks stalled and shipments through the Strait of Hormuz remained restricted. The waterway has historically carried about a fifth of global oil supplies.

US Treasury Secretary Scott Bessent said in a post that the US was entering the "endgame" and described the expected economic measures against Iran as the "single greatest financial offensive ever marshaled against an adversary".

Nifty Faces Resistance Near 24,600

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the Nifty is likely to remain within the 24,200-24,600 range in the near term.

"There are fundamental triggers for a rally coming particularly from the resilient economy and improving earnings growth. But a breakout beyond 24,600 is unlikely since there are headwinds like elevated crude oil prices (Brent around $93) and escalating geopolitical tensions associated with the West Asian crisis and the Russia-Ukraine war," he said.

Vijayakumar said any rally could face increased selling at higher levels and advised investors to look beyond the Nifty towards the broader market.

He highlighted buying interest in companies reporting strong results and forward guidance, particularly across CDMO, healthcare, precision engineering and power infrastructure. However, he cautioned investors against chasing stocks at any price, stressing the importance of valuations.