Indian markets opened with a steady uptick as traders engaged in short covering despite continuing uncertainties around the Strait of Hormuz. Gold and silver maintained their rally, with gold trading above $5,000 on COMEX and Rs 1.57 lakh per 10 grams domestically, while silver surged to Rs 2.6 lakh per kilo. Brent crude remained above $100 a barrel, posing inflationary concerns. The Nifty opened marginally higher on expiry day, with India VIX down 1.5%. Market analysts suggest the worst may be behind, recommending defensive plays in power sector stocks like Adani Power, NTPC, and Tata Power, alongside CPSE energy stocks and Reliance. Defence stocks such as BEL and metals were highlighted as attractive opportunities. IT stocks faced selling pressure, with sector experts noting limited upside potential. Sugar stocks gained attention following government allocation of additional export quota. Analysts cautioned that while tactical trading opportunities exist, fundamental concerns persist regarding rising input costs and potential El Niño impact on consumption.
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