Summary of this article
Sensex and Nifty are likely to open higher, backed by strong global cues
Asian markets rallied after Wall Street gains lifted investor confidence
Oil prices stayed firm as markets tracked the ongoing US-Iran tensions
Stock Market Today: Equity benchmark indices are likely to open higher on July 10, tracking positive global cues as Wall Street ended higher overnight and most Asian markets traded in the green.
At around 8:30 AM, GIFT Nifty was trading about 170 points, or 0.71 per cent, higher at 24,133.50, indicating a stronger opening for the Nifty 50.
Global Markets Lift Sentiment
Investor sentiment improved after technology shares powered Wall Street higher overnight, despite continued geopolitical tensions in West Asia. The tech-heavy Nasdaq Composite jumped 1.30 per cent as chip stocks rallied, while the S&P 500 and the Dow Jones Industrial Average gained 0.81 per cent and 0.27 per cent, respectively.
Asian equities extended gains in the morning session today as optimism around artificial intelligence-driven demand boosted chipmakers across the region. Japan's Nikkei 225 advanced 1.77 per cent, while the broader Topix was up by 0.80 per cent. South Korea's Kospi jumped more than 4 per cent, and the Hong Kong-based Hang Seng spiked 1.80 per cent. China's CSI 300 was up by 0.30 per cent. Australian equities also traded higher by 0.65 per cent after trading largely unchanged in early trade.
Oil Prices Ease
Crude oil prices gained in early trade as the US and Iran continued exchanging strikes. However, the gains seem limited as concerns that inflationary pressures could weigh on global fuel demand offset worries over supply disruptions linked to the West Asian situation.
The Brent crude oil futures contract was up by 0.25 per cent at $76.49 a barrel, while the US West Texas intermediate crude oil futures traded up by 0.31 per cent at $72.29 per barrel. Both the benchmarks are on course to post weekly gains.
