Mumbai, Aug 27: Indian equity markets opened marginally higher on Thursday, supported by softer crude oil prices and expectations of progress in discussions between Iran and Oman over the Strait of Hormuz.

At around 9:18 am, the Sensex gained 81 points, or 0.10 per cent, to trade at 77,553, while the Nifty 50 rose 37 points, or 0.16 per cent, to 24,425.

Broader markets also opened on a positive note. The Nifty Midcap 100 gained 0.31 per cent, while the Nifty Smallcap 100 advanced 0.24 per cent.

Most sectoral indices on the NSE traded in the green. Nifty IT was the top performer, rising 0.42 per cent, while Nifty Media was the only sectoral index trading lower.

Brent crude prices eased 0.6 per cent to $87.30 a barrel after Iran indicated that it was holding discussions with Oman to finalise an agreement related to the Strait of Hormuz. The development helped ease concerns over prolonged disruptions to oil supplies from West Asia.

Despite the positive opening, investors remained cautious amid mixed global cues, inflation concerns, movements in bond yields and continuing geopolitical uncertainty. Analysts said a decline in crude prices could offer some support to Indian equities by reducing pressure on the country’s import bill and inflation outlook.

For the Nifty, immediate support is seen in the 24,000–24,050 zone, while 24,350–24,400 remains a key resistance area on the upside.

Asian markets were mixed in early trade. Shanghai gained 0.63 per cent, Shenzhen rose 1.17 per cent and South Korea’s Kospi advanced 2.01 per cent. Japan’s Nikkei declined 0.15 per cent, while Hong Kong’s Hang Seng eased 0.47 per cent.

US markets ended slightly lower overnight as investors assessed Nvidia’s earnings and renewed concerns over inflation. The Nasdaq fell 0.08 per cent, the S&P 500 slipped 0.02 per cent and the Dow Jones Industrial Average declined 0.21 per cent.

Institutional buying provided an additional positive signal for domestic markets. Foreign institutional investors were net buyers of Indian equities worth ₹502 crore on August 26, while domestic institutional investors made net purchases worth ₹6,425 crore.

Indian equities are likely to remain range-bound in the near term, with investors closely watching crude oil prices, global inflation trends, bond yields and developments around the Strait of Hormuz.