Domestic benchmark indices Sensex and Nifty opened higher on Thursday, extending gains from the previous session, supported by positive global cues after crude oil prices slipped below the $100-per-barrel mark amid growing optimism over a US-Iran ceasefire deal.

At 9:17 am, the BSE Sensex jumped 498.49 points, or 0.66%, to 75,816.88, after rising as much as 627 points in early trade, while the NSE Nifty gained 156.25 points, or 0.66%, to 23,815.25, briefly touching a high of 23,859.90.

Among Sensex constituents, Bharat Electronics (BEL) surged 2.43% to Rs 423.45. InterGlobe Aviation (IndiGo) advanced 2.10%, while Eternal, Asian Paints, and L&T rose 1.75%, 1.21% and 1.20%, respectively.

"The recent market movements indicate a buy on dips market construct. Buy on dips strategy has been working well. It appears that the sustained selling by FPIs has also stopped since they were buyers on a couple of days recently,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

“The correction in KOSPI and TAIEX and the FPI selling in these markets indicate concerns around bubble valuations in AI stocks in these markets. Weakness in South Korean and Taiwanese markets can turn out to be a blessing in disguise for India,” Vijayakumar added.

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Broader Asian markets traded higher today. Japan’s Nikkei 225 surged 3.58% higher at 61,945.34, while South Korea’s Kospi zoomed 7.17% to 7,725.77. Hong Kong’s Hang Seng edged down 0.04% to 25,639.48. 

Wall Street ended on a strong note overnight, with all three major indices closing in the green. The S&P 500 jumped 1.08% to settle at 7,432.97, while the Dow Jones Industrial Average advanced 1.31% to close at 50,009.35. The Nasdaq Composite surged 1.54% to end at 26,270.36.

Previous session

In the previous session on Wednesday, the Sensex gained 117.54 points, or 0.16%, to settle at 75,318.39, while the Nifty rose 41 points, or 0.17%, to close at 23,659.

Aakash Shah of Choice Equity Broking Private Ltd said the technical setup points to a positive opening aided by strong global cues and easing volatility. 

“While momentum indicators indicate weakening bearish pressure, the broader trend remains cautious as the benchmark indices continue to trade below key moving averages. A decisive breakout above 23,800 on Nifty will be crucial for further upside momentum in the coming sessions,” Shah said.