Nifty and Sensex were both trading 0.6 per cent higher
Nifty realty and media top gainers in sectoral indices
Indian stock markets opened slightly positive on April 21, tracking gains in Asian markets on hopes that Iran and US could reach a resolution before the expiration of the ceasefire on April 22. Markets continued to trade in a consolidated zone as investors awaited further cues from the US-Iran negotiations expected in Islamabad, Pakistan on April 21.
The benchmark Nifty was trading 128.9 points higher at 24,493.75 and the Sensex was trading 510.44 points up at 79,030.74.
US President Donald Trump said that the US will not lift the blockade of Strait of Hormuz until an agreement is reached with Iran, but said that a deal should be reached “relatively quickly”. US Vice President JD Vance is expected to attend the negotiations in Islamabad.
However, Iran signalled it did not intend to send negotiators for the second round of negotiations, citing US’ blockade of Iranian ports as a violation of ceasefire. This was also affirmed by Iranian Foreign Minister Abbas Araghchi.
Brent crude oil futures fell slightly by 0.6 per cent below $95 per barrel mark on hopes of US-Iran peace negotiations. Meanwhile, the rupee inched down slightly to 93.31 against the US dollar on April 21.
Within Sensex 30 index, Axis Bank, Eternal, Asian Paints, Indigo, and Adani Ports were the top gainers in the early trading hours. Most of the Sensex constituents traded in green, while HCL Technologies, Infosys, TCS, Ultratech Cement, Bharat Electronics and Tech Mahindra were trading in red.
Among sectoral indices, Nifty Realty led gains on the NSE, trading around 2.2 per cent higher, followed by Nifty Media trading 1.3 per cent. Banking and financial services continued to gain for the third consecutive session. Medium to smaller IT and telecom companies also gained, with the index trading above 1 per cent. The FMCG sector also continued to trade in green, extending gains from the previous session, trading around 1 per cent up.
Nifty Smallcap led the gains in broader market indices, and the Microcap index was the top gainer. Nifty Midcap and Largecap indices were also trading in green due to optimism tracking global markets. Among broader indices, INDIA VIX was the only index trading in the red, trading around 4.9 per cent lower.
