Stock Market Today: Sensex, Nifty Opens Higher As Oil Prices Ease, US-Iran Talks Resume Today

Stock Market Today: Benchmark equity indices opened higher on August 3 as easing crude oil prices and renewed hopes of a diplomatic breakthrough between the US and Iran lifted investor sentiment.

The BSE Sensex opened higher by 788.70 points, or 1.01 per cent, at 78,883.34, while the NSE Nifty 50 gained 189.10 points, or 0.78 per cent, to start the session at 24,572.70.

Investor sentiment improved after US President Donald Trump said Washington was close to reaching an agreement with Iran and confirmed that fresh negotiations between the two countries would begin on Monday. The remarks fuelled expectations that geopolitical tensions in West Asia could ease, reducing concerns over disruptions to global oil supplies.

On the Iranian side, President Masoud Pezeshkian urged the US to honour the memorandum of understanding signed in June, saying it would remain central to Tehran's future foreign policy. Separately, Foreign Minister Abbas Araghchi said discussions with Oman on the administration of the Strait of Hormuz had entered their final phase, indicating progress on another key regional issue.

The diplomatic developments weighed on crude oil prices. At the time of writing, Brent crude futures were trading at around $83.50 a barrel, down nearly 5 per cent, while US West Texas Intermediate (WTI) crude fell about 5.60 per cent to below $80 a barrel.

The decline in oil prices is a positive development for India, the world's third-largest crude importer. Lower crude prices can help contain imported inflation, reduce the country's import bill and improve the earnings outlook for sectors that are sensitive to fuel costs.