Sensex rebounds 291 points as GIFT Nifty signals positive open despite Wall Street tech sell-off

Indian stock markets shrugged off a Nasdaq sell-off on Wall Street to open higher on June 24, with the Sensex posting a rebound of 291 points. GIFT Nifty had flagged the positive start in early-morning trade, and falling crude oil prices gave domestic sentiment an additional lift heading into the session.

The Wall Street tech correction, which rattled US markets overnight, had raised concerns about a spillover into Indian equities. However, traders noted that India's market has been increasingly able to decouple from short-term US moves, particularly when domestic macro factors — such as softening energy prices — are moving in a favourable direction. Cheaper crude is a significant positive for India, which imports the vast majority of its oil needs, as it eases the current account deficit and dampens fuel-driven inflation.

Among the stocks on watch during the session were Infosys, IRFC, Honasa Consumer, Rashi Peripherals, City Union Bank and Delhivery, reflecting a broad spread of sectors from IT and infrastructure finance to consumer goods and logistics. Analysts pointed to a mixed global cue environment but said domestic institutional buying was helping to underpin the indices.

The session's direction will also be watched against the backdrop of macro risks flagged earlier in the week, including the potential for El Niño to stoke food inflation later in the year. For now, however, markets appeared to be taking comfort from lower energy costs and the prospect of a near-term India-US trade agreement, both of which are seen as broadly positive for corporate earnings.