Stock Market Opening Bell: Nifty Near 24000, Zooms 1% As Donald Trump's Missed Messaging Crushes Oil Prices

Stock Market Opening Bell: The Indian benchmark stock market indices opened in green on Monday, May 25, tracking positive global cues such as low crude oil prices, and rising expectations over a US-Iran peace deal bolstering favourable investor sentiment.

While Nifty rallied 0.93% to 23,940.30 level, Sensex surged 0.96% to 76,135.80. 

This comes after WTI crude fell about 5% to $91.65 a barrel, while Brent also plummeted around 5% to $96.04 a barrel. This decline was triggered following comments by US President Donald Trump that US airstrikes on Iran were halted to allow more room for peace talks.

On Monday, Nifty Oil & Gas (1.08%) also traded higher with state-led OMCs such as BPCL, IOCL, and HPCL trading in green. At the time of writing this report, the shares of BPCL stood 3.57% higher at Rs 306.15 apiece, HPCL traded 4.445 higher at Rs 406.95 per share, and IOCL share stood 3.33% higher at Rs 144.11 per share.

Meanwhile, Asian markets were largely trading in green with Japan's Nikkei 225 surged 2.75% to an all-time high of 65,081.96 level. The broader Topix index rose 0.65%, and Australia's S&P/ASX 200 was largely unchanged.

Trading remained shut in Hong Kong and South Korea due to public holidays. The US markets will remain closed on Monday to commemorate Memorial Day.

Also Read: Oil Slips To 2-Week Low As US-Iran Seen Moving Closer To Peace Deal

On other hand, crude oil prices declined to $96 per barrel (bbl) during the early Asian market hours on Monday, May 25, as investors pinned hopes on the the possibility of a soon-to-be inked US-Iran peace deal, which would end the West Asia conflict.

On Friday, the Indian stock market ended higher, with the benchmark Nifty 50 closing over 23,700 level.

The Sensex surged 0.31%, to close at 75,415.35, while the Nifty 50 settled 0.27%, higher at 23,719.30 level.