Stock market today: Sensex opens 200 points higher; Nifty above 24,335
Indian stock markets will remain in focus on Wednesday as investors assess whether falling crude oil prices can provide further support to equities after benchmark indices closed higher in the previous session.<br /><br />The Nifty 50 ended Tuesday at 24,334.55, gaining 115.50 points, or 0.48%, while the BSE Sensex rose 286.98 points, or 0.37%, to 77,656.09. Both indices recovered from intraday weakness as buying emerged in the final hour of trading on the monthly derivatives expiry.<br /><br />The immediate trigger for Wednesday's market sentiment is crude oil. Brent fell 2.6% to $86.30 a barrel after Iran and Oman said they had discussed a joint temporary navigational corridor through the Strait of Hormuz and agreed to clear mines from the waterway. Brent had fallen 3% to $89.32 a barrel during Tuesday's session.<br /><br />Market participants will watch whether further developments around the Strait can sustain the decline in oil prices. Ponmudi R, CEO of Enrich Money, said recent developments involving Iran and Oman had raised cautious optimism that supply-disruption risks could ease, adding that further progress could support energy markets and broader global risk sentiment.<br /><br />Foreign portfolio investors remained buyers of Indian equities for a second consecutive session on Tuesday, with inflows of Rs 1,594 crore. Domestic institutional investors recorded inflows of Rs 230 crore, according to provisional NSE data.<br /><br />Global cues are also important. Asian stocks were mixed on Wednesday, while the MSCI gauge of global equities had risen on Tuesday. The US 10-year Treasury yield stood at 4.634% after declining 6.5 basis points on Tuesday.<br /><br />Investors are also awaiting Nvidia's second-quarter earnings, with attention on whether the company's results and outlook can sustain the broader AI spending theme. Analysts expect the company to forecast third-quarter sales of $104.20 billion, representing an 82.8% increase.<br /><br />US inflation data due later Wednesday will also be closely watched ahead of the Jackson Hole symposium this weekend.<br /><br />In the commodities space, spot gold was last quoted at $4,646.08 an ounce, close to the three-month high reached in the previous session.<br /><br />On the domestic front, investors will track Cipla, Ceat, Dabur and Honasa Consumer following developments involving their businesses. India's currency and debt markets are closed on Wednesday for a local holiday, while the equity market remains open.<br />