Sensex rises as crude slump offsets Asian tech selloff

Indian equity benchmarks opened higher on Thursday as cheaper crude supported domestic risk appetite while global technology shares stayed under pressure. Market data showed the BSE Sensex trading above 77,100, up more than 200 points, and the NSE Nifty50 near 24,100, higher by almost 70 points, around 9:15 AM.

Pre-open trade had pointed to a flatter start. The Sensex was down 61.55 points, or 0.08%, at 76,861.09 around 9:03 AM, while the Nifty was up 5.40 points, or 0.02%, at 24,011.25. GIFT Nifty was around 140 points, or 0.58%, higher, signaling a firmer bias before cash trading gathered pace.

Crude drop cushions Mumbai shares

Oil prices gave Indian equities a macro tailwind. Brent crude traded near $71 a barrel, while WTI fell below $68 a barrel, after June delivered the sharpest monthly fall in crude since March 2020. Lower energy costs can ease pressure on inflation, the import bill and margins for companies exposed to fuel and logistics costs.

The external tape was less supportive. Asian markets fell after a technology-led decline in US equities, with South Korea’s Kospi dropping more than 5% at the open and programme trading briefly suspended. Japan’s Nikkei 225 also traded lower, reflecting pressure on semiconductor and technology shares.

If oil stays near multi-month lows, Indian equities could

retain support from lower cost expectations.

If the global chip selloff deepens instead, foreign-risk sentiment may cap

gains. Traders will next assess whether the Nifty can hold the 24,000 level through the Thursday, July 2 close.