Mumbai, May 14: Indian equity benchmarks traded in positive territory on Thursday morning, supported by strong buying in pharmaceutical and banking stocks even as investors remained cautious over rising crude oil prices and ongoing geopolitical concerns.
The BSE Sensex climbed nearly 460 points during early trade to cross the 75,000 mark, while the NSE Nifty advanced over 170 points to trade above 23,500.
Buying momentum was visible across several sectors, including pharma, healthcare, metals, banking, FMCG, cement, chemicals and energy stocks, with many sectoral indices gaining more than 1 per cent.
However, IT shares remained under pressure. Stocks such as HCLTech, Infosys, Tata Consultancy Services and Tech Mahindra slipped amid continued selling in the technology segment.
Meanwhile, market volatility remained elevated, with India VIX rising over 3 per cent during the session.
Market analysts noted that foreign investors are currently favouring markets such as the US, Japan, South Korea and Taiwan, where returns have remained comparatively stronger. According to experts, this trend has resulted in continued foreign portfolio outflows from India, putting additional pressure on the rupee.
Analysts also believe that the direction of crude oil prices and global investment trends linked to artificial intelligence could play a major role in shaping market sentiment going forward. A sustained rise in oil prices and weakening rupee may increase imported inflation and impact companies dependent on petroleum-based raw materials.
At the same time, sectors such as pharmaceuticals and textiles are expected to benefit from rupee depreciation due to their export-oriented nature. Pharma stocks, in particular, are being viewed as relatively defensive because demand for medicines tends to remain stable even during uncertain economic conditions.
In the commodities market, Brent crude traded above $106 per barrel, while US WTI crude remained above the $101 mark.
Across Asia, trading remained mixed. Hong Kong and South Korean markets posted modest gains, while Chinese and Indonesian indices traded lower. Japan’s Nikkei remained largely flat.
Overnight, US markets ended higher, with the S&P 500 and Nasdaq registering solid gains led by technology buying.