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Mumbai: Indian benchmark indices opened marginally higher on Monday but struggled to maintain momentum as investors remained cautious amid uncertainty over the US-Iran deal on the Strait of Hormuz.

The Sensex and Nifty50 traded with slight gains in early trade. At around 9:18 AM, the Nifty50 was up 25 points or 0.10% at 24,595.65, while the Sensex gained 111 points or 0.14% to 78,610.31.

However, the markets later moved off their early highs as investors tracked global developments and crude oil movements.

Titan, Tech Mahindra and ICICI Bank among top gainers

Among the Nifty50 stocks, Titan Company, Tech Mahindra and ICICI Bank emerged as major gainers during early trading.

Sector-wise, Nifty Private Bank, Auto and IT indices showed strength, while Nifty PSU Bank remained under pressure. In the broader market, the Nifty MidCap 100 index gained around 0.21%, while the Nifty SmallCap index slipped 0.13%.

SBI, HDFC Life among major losers

Several major stocks faced selling pressure in the morning session. State Bank of India (SBI) and HDFC Life Insurance were among the top losers, weighing on market sentiment.

Meanwhile, investors also tracked quarterly earnings announcements as several companies reported their Q1 results.

Global cues: Asian markets rise, oil prices remain in focus

Asian markets traded mostly higher on Monday, following gains on Wall Street last week. Japan’s Nikkei 225 and South Korea’s Kospi posted gains in early trade.

However, uncertainty over the reopening of the Strait of Hormuz continued to influence global markets. Oil prices moved higher as investors monitored developments between the US and Iran. Crude oil futures were quoted around $84.75 per barrel, rising nearly 1.44%.

IPO market remains active

The primary market also remained busy with multiple IPOs opening for subscription. The Dhoot Transmission IPO and Molbio Diagnostics IPO opened on Monday, aiming to raise ₹3,066.89 crore and ₹939.70 crore respectively.

Other IPOs, including LEAP India, Technocraft Ventures, Optimystix Entertainment and LAPL Automotive, were also under subscription.

Rupee opens slightly stronger

The Indian rupee opened marginally stronger against the US dollar. The rupee gained 4 paise to trade at 95.17 per dollar, compared with Friday’s close of 95.21.