Markets opened on a positive note on Thursday, tracking strong global cues, easing crude oil prices and improving optimism over a possible diplomatic resolution to the US-Iran conflict.

The Sensex, which closed at 75,318.39 on Wednesday, opened at 75,732.42 and was trading at 75,682.35, up 363.96 points or 0.48 per cent, as of 9:19 AM. The Nifty 50, which ended the previous session at 23,659, opened at 23,830.05 and was quoting at 23,778.25, a gain of 119.25 points or 0.50 per cent.

Crude oil, a critical variable for the Indian economy, saw sharp volatility. Brent crude futures for July delivery were at $105.79, up 0.29 per cent, while WTI crude stood at $99.11, up 0.11 per cent, as of early Thursday morning. On the MCX, June crude oil futures were trading at ₹9,565, up 1.08 per cent from the previous close of ₹9,463, and July futures were at ₹9,220, up 1.01 per cent from ₹9,128.

US President Donald Trump's remarks that negotiations with Iran were approaching the "final stages" drove a recovery in global equities overnight. The Dow Jones rallied more than 600 points, while Asian markets surged, with South Korea's Kospi jumping nearly 5.8 per cent and Japan's Nikkei gaining around 3 per cent.

..."The correction in KOSPI and TAIEX and the FPI selling in these markets indicate concerns around bubble valuations in AI stocks... Weakness in South Korean and Taiwanese markets can turn out to be a blessing in disguise for India... FPIs may turn buyers infusing some optimism in the market," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Among Nifty 50 stocks, Grasim Industries led the gainers, opening at ₹3,060.70, hitting a high of ₹3,091.90 and trading at ₹3,091.30, up 4.05 per cent from its previous close of ₹2,971.10. IndiGo was the next major gainer at ₹4,371.20, up 2.50 per cent from ₹4,264.60, on volumes of 81,911 shares worth ₹3,566.56 lakhs. Defence stock BEL gained 2.23 per cent, trading at ₹422.50 against its previous close of ₹413.30. Shriram Finance rose 1.43 per cent to ₹936.70 from ₹923.45, while Eternal gained 1.43 per cent, trading at ₹246.81 against a previous close of ₹243.34.

On the losing side, only two Nifty 50 stocks were in the red. ONGC slipped 0.57 per cent to ₹296.60 from its previous close of ₹298.30, on volumes of 3,05,613 shares. Tata Consumer Products was marginally lower at ₹1,208.30, down 0.03 per cent from ₹1,208.70.

..."A lot will depend on the crude price and stability in the rupee. Brent crude declining is a positive signal. Perhaps the market is taking cues from President Trump's remark that the conflict will end soon and oil prices would plummet. But going by past experience, President Trump's words cannot be trusted," Vijayakumar added.

The Indian rupee continued to trade under pressure near the 96.90 mark against the US dollar, raising concerns for import-dependent sectors. ..."A weaker currency increases imported inflation risks and creates margin pressure for import-dependent sectors such as oil marketing companies, paints, aviation and other consumption-driven industries," noted Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth.

India VIX, the market's fear gauge, stood at 18.44, extending its decline for another session. ..."A sustained move below the 18 mark will be necessary for stronger bullish confidence to return," said Aakash Shah, Technical Research Analyst at Choice Equity Broking.

Institutional flows remained a concern. Foreign institutional investors continued net selling in recent sessions, while domestic institutional investors provided offsetting buying support. ..."The negative impact of the energy crisis will be felt in Q1 FY27. But if crude price continues to decline, the remaining quarters will be reasonably good," Vijayakumar said.

Technically, Nifty's immediate support remains at 23,400, with resistance at 23,800–24,000. ..."Since the intraday market structure is non-directional, level-based trading would be the best strategy for day traders," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Published on May 21, 2026