Sensex, Nifty Open Higher; HDFC Bank Gains, Oil Prices Slip

The Indian equity benchmarks indices opened higher on Monday. The BSE Sensex traded at 208 points higher around 9:29 am, while the NSE Nifty gained above 24,300.

Banking and financial stocks led the early rally, with BEL emerging as the top Sensex gainer after rising 2.52%. HDFC Bank, Axis Bank and ICICI Bank also posted solid gains, while Bharti Airtel and Maruti Suzuki traded higher.

Asian shares were mixed as investors adopted a cautious approach ahead of the upcoming earnings season, which is expected to provide fresh clues about the performance of the artificial intelligence sector. Japan's Nikkei 225 slipped 523.07 points, or 0.75%, in early trade. South Korea's Kospi also traded lower, falling 130.36 points.

Meanwhile, sentiment was relatively upbeat in Greater China. Hong Kong's Hang Seng rose 150.97 points, or 0.65%, while China's Shanghai SSE Composite edged up 3.07 points, or 0.08%.

In contrast, oil prices continued to slide as crude shipments through the Strait of Hormuz improved and OPEC+ decided to raise its production targets, easing concerns over supply. Brent crude dropped below the $72-a-barrel mark amid expectations of higher global oil availability.

The stock market closed Friday's session on a positive note, with benchmark indices Sensex and Nifty extending their gains. The Sensex rose 262 points to settle at 77,764, while the Nifty 50 climbed over 95 points to close above the 24,270 mark.