Indian equity benchmarks opened sharply higher on Monday, November 2, despite weakness in global technology stocks. A strong indication from GIFT Nifty supported the opening, while investors remained watchful of global developments, crude oil prices and the week's key events.

The BSE Sensex soared more than 700 points and tried to touch 75,200, while the NSE Nifty50 rang the opening bell at 23,250, jumping almost 200 points.

GIFT Nifty Signals Strong Opening For Dalal Street

GIFT Nifty pointed to a gap-up start for domestic equities, with futures trading at 23,282, up 196 points, or 0.86 per cent.

At around 9:01 am, the Sensex was trading at 75,214.75, up 755.22 points, or 1.01 per cent. The Nifty stood at 23,224.75, gaining 171.65 points, or 0.74 per cent.

The positive indication came even as global technology shares faced selling pressure. Investors are expected to track international market movements, commodity prices and other key developments during an event-heavy week.

Asian Markets Trade Mixed

Asian markets began Monday's session on a mixed note as investors adopted a cautious approach ahead of key events and developments.

Japan's Nikkei 225 declined 0.38 per cent, while South Korea's Kospi advanced 0.37 per cent.

The mixed performance across regional markets offered varied cues for domestic investors, even as Indian benchmarks opened higher.

Wall Street Ends Lower; Nasdaq Falls Nearly 3%

US equities closed sharply lower on Friday, with technology stocks leading the decline.

The Dow Jones Industrial Average fell 1.09 per cent, while the S&P 500 declined 1.82 per cent. The Nasdaq Composite ended the session 2.86 per cent lower.

The losses across US markets kept global investor sentiment cautious at the start of the week.

Crude Oil Prices Decline On Hopes Of Diplomacy

Crude oil prices moved lower in Asian trade after US President Donald Trump expressed support for a diplomatic approach towards Tehran ahead of the US midterm election.

Brent crude futures for January delivery fell 1.97 per cent to $111.23 per barrel on the Intercontinental Exchange.

The decline in oil prices could offer some relief to India, which relies heavily on crude imports. However, prices remain elevated, keeping inflation and import costs in focus.

Gold And Silver Prices Rise

Precious metals gained in early trade as investors took advantage of recent price declines.

Gold futures advanced 0.49 per cent, while silver futures rose 1.45 per cent, reflecting renewed buying interest in the metals.

Investors will continue to monitor movements in precious metals alongside global market trends and geopolitical developments.