New Delhi [India], July 15 (ANI): Despite Brent crude trading at over $85 per barrel, Indian markets breathed in green on Wednesday morning as equity indices opened with marginal gains, tracking mixed global indicators and escalating tensions in West Asia.

The BSE SENSEX stood at 77,204.25 points, marking an increase of 149.31 points or 0.19 per cent. At the same time, the NSE NIFTY 50 stood at 24,077.65 points, up by 25.60 points or 0.11 per cent.

Banking and market expert Ajay Bagga highlighted that a military escalation in the Middle East altered the market dynamics on Wednesday morning, putting pressure on Indian equities.

'Indian markets are subdued due to the oil price rise and risk from an escalation of supply disruptions from Iran,' Bagga said.

'The futures are pointing to a slight positive move at the open, but resumed FPI selling and the Gulf disruption risk will keep up moves limited,' he added.

The domestic market performance followed a positive session in the West and across most Asian indices. Dow Jones Futures rose by 72.00 points to 52,580.27, while the S&P 500 gained 28.25 points to reach 7,543.59. The Nasdaq also saw an upward movement, gaining 233.83 points to touch 26,107.01.

Analysing the international landscape, Bagga noted that macroeconomic data from the United States provided an initial boost to global equities, which was further influenced by political developments and a resurgence in technology shares.

'US CPI coming below expectations and falling month on month for the first time since 2020 set the backdrop to a rise in US stocks on Tuesday,' Bagga said. 'Trump walking back on his proposal to levy a 20% Hormuz toll helped the oil markets somewhat. There was a recovery in the AI momentum stocks.'

'This morning, the expected resumption of the US maritime blockade of Iranian shipping and ports has been implemented with both US and Iran launching missile and drone attacks on each other,' Bagga stated.

Despite the positive domestic start, commodities faced resistance due to emerging geopolitical conflicts impacting the energy sector. At the time of reporting, Brent Crude rose by USD 1.16 to USD 85.89, while Crude Oil increased by USD 0.82 to USD 80.16. On the other hand, Gold fell by USD 25.24 to stand at USD 4,029.06.

'Oil is up again, but Asian markets are up mostly, benefitting from the lower US CPI print and the resumed AI enthusiasm,' he said.

In Asia, Japan's Nikkei 225 jumped 702.50 points to 68,446.00, and the Hang Seng index in Hong Kong increased by 364.27 points to 24,705.00. However, China's Shanghai Composite opposed the trend, declining slightly by 3.23 points to 3,963.90. (ANI)