D-St rebounds: Rs 6 lakh crore added! Sensex jumps 900 points; Nifty nears 23,300; easing oil prices among key factors

Market Performance - Indian stock markets opened positively, with Sensex rising approximately 960 points to 75,165 and Nifty 50 gaining 271 points to 23,273, adding over Rs 6 lakh crore to the total market capitalization, which reached Rs 432 lakh crore [1][20] - Major gainers included Tech Mahindra, State Bank of India (SBI), Tata Steel, HCLTech, Infosys, and Power Grid, each rising by 2-3%, while HDFC Bank was the only loser, falling over 1% [2][20] - All sectoral indices on NSE opened in the green, with Nifty IT and Nifty Metal rising nearly 2% each, and 2,303 stocks advanced on NSE [2][20] Oil Prices and Geopolitical Factors - Brent crude futures declined over 1% to trade at $107 per barrel, following a spike above $110 per barrel, as European nations and Japan sought to secure safe passage for ships through the Strait of Hormuz, and the US outlined plans to boost oil supply [5][20] - Expectations of de-escalation in the Iran-US war contributed to the decline in oil prices, although prices remain above pre-war levels, indicating ongoing caution [6][20] Market Sentiment and Investor Behavior - Following a significant selloff where Sensex dropped nearly 2,500 points and Nifty fell 776 points, wiping out approximately Rs 12 lakh crore from market capitalization, investors engaged in value-buying, leading to the current market recovery [7][8][20] - Despite the recovery, the market has only partially regained losses, and persistent foreign institutional investor (FII) selling continues to weigh on sentiment, with FIIs offloading shares worth Rs 7,558 crore on Thursday, marking 15 consecutive days of net selling [13][20] Currency and Economic Indicators - The Indian rupee fell to a new all-time low of 92.92 against the US dollar, driven by the global energy crisis linked to the Iran-US war, with expectations of the rupee trading within a weak range of 92.25–92.95 [11][12][20] - A rise in US bond yields, with the two-year Treasury note yield jumping over 20 basis points, reflects broader economic concerns impacting market sentiment [14][20] Technical Analysis and Future Outlook - Nifty 50 is expected to find immediate support in the 23,000–22,900 range, with potential further downside if this level is breached, while resistance is noted in the gap zone between 23,618 and 23,378 [18][21] - Market sentiment remains fragile, influenced by geopolitical developments and rising crude prices, with expectations of continued volatility in the near term [17][21]