The Indian markets opened marginally higher amid mixed global cues on monthly F&O expiry day on Thursday. Benchmarks Nifty50 and S&P BSE Sensex opened higher by nearly 0.10% as oil fell by nearly $5 a barrel in the morning trade. The broader Nifty started fresh session above 17,500 and the Sensex added nearly 100 points as the barometer indices opened at 17,519.20 and 58,779.71.  

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Nifty midcap and smallcap indices too traded in the green on Thursday morning as they opened higher by 0.4% and 0.7% respectively.  

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On sectoral front, all sectors except Nifty PSU Bank turned green with IT, FMCG and auto stocks gaining the most. 

In the pre-opening, the Sensex opened nearly 100 points higher as 22 shares advanced, 7 declined and one remained neutral on the 30-share index. 

SGX Nifty Futures was trading with marginal gains of 23 points in the morning trade on the Singaporean exchange around 9.05 am.  

Mohit Nigam, Head - PMS, Hem Securities earlier said that benchmark Indices are expected to open on a positive note as suggested by trends on SGX Nifty.  

"On the technical front 17,300 and 17650 are immediate support and resistance in Nifty 50. For Bank Nifty 35800 and 37000 are immediate support and resistance respectively, said Nigam. 

"Breaking out from the 8-day narrow range, Nifty closed higher at 17,498 on Wednesday, while VIX ended lower at ~20-level. Though the Index established a follow-through move, it closed below the 17,600-17,500-resistance level. It has spent a lot of time below this zone and the first attempt to break above the resistance zone might be thwarted if continued price intensity is not witnessed," said Viraj Vyas, Technical and Derivatives analyst at Ashika Broking. 

In the near-term, momentum support is seen at 17,300-17,250 zone, he added.  

On Thursday morning, Asian markets were largely trading negative or flat. Hang Seng Index at the Hong Kong Exchange was down 0.8%, Chinese Shanghai Composite dropped 0.2%, while Japanese Nikkei 225 was trading flat with positive bias around 7.40 am.  

As per V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, hopes of de-escalation in the war have proved to be short-lived and the uncertainties associated with the war continue. "From the market perspective, there are two positives which may support the market. One, the sharp decline in dollar index from above 99 to 97.7 is positive for equity markets globally. Two, FPIs turning buyers with a good buy figure of Rs 1357 cr along with DII buying will impart resilience to the market," said the expert.  

Reports of large crude releases from US's strategic reserves may further soften crude prices, he said. "There is more room for financials to move up," added Vijaykumar. 

Nifty has picked momentum over the past three days as hopes of an end to the war have been rising, says Deepak Jasani, Head of Retail Research, HDFC Securities. "However, Nifty closed with a high wave pattern sign, which post a fall below the low of the day could give bearish signal. Weakness in European and US markets could halt the upmove in the Nifty. Nifty could stay in the 17343-17582 band in the near term," added the expert 

Earlier, the U.S. and European equities rally wavered on Wednesday as investors reviewed economic and geopolitical risks, while oil prices jumped more than $2 on the prospect of more Russian sanctions. 

The breather in stocks followed three to four straight days of gains that more than erased losses sustained when Russia invaded Ukraine five weeks ago, and came as bond investors wondered whether the U.S. Federal Reserve`s policy tightening could harm the world`s biggest economy over the longer term, said a Reuters report. 

Meanwhile major indices on Wall Street ended lower on Wednesday. The Dow Jones Industrial Average ended down 0.19%, the S&P 500 fell 0.63%, and the Nasdaq Composite shed 1.2%. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)