Indian stocks open higher as oil eases and AI selloff lifts anti-tech trade

what happened

Indian benchmark indices opened strongly higher, according to Moody's. The Sensex rose 783 points, or 1.05%, to 75,242.57, while the Nifty50 gained 0.90% to 23,259.90. Support came from cheaper crude, lower US Treasury yields and a sell-off in Wall Street technology shares, which analysts say benefits India as a market largely outside the AI trade.

Reliance Industries led the Nifty50 higher with a 4.59% rise. Tata Steel climbed 3.88% and NTPC added 2.96%. Sun Pharmaceutical was among the laggards, down 1.83%. Brent, which had touched $118 last week, slipped to about $110.50 a barrel.

On Friday the Nasdaq fell 2.9% and the Dow Jones lost 1.1%. Investors also weighed Asian data: South Korea's October exports nearly doubled, Chinese factory activity contracted, and India's forex reserves fell for a seventh straight week to $719.75 billion.

why it matters

Analysts caution that lower oil prices do not yet signal a lasting easing in energy conditions. Sectors sensitive to crude would need prices to stay lower for a longer period to re-rate sustainably.

market impact

Indian equities: cheaper crude and the US tech selloff support the Nifty and Sensex

• ▲Nifty50 pressure up — cheaper crude and the US tech selloff improve risk sentiment
• ▼Brent pressure down — prices have already fallen from last week's high near $118

instruments