Mumbai: Benchmark equity indices Sensex and Nifty opened higher on Wednesday, supported by buying in blue-chip stocks such as Reliance Industries and ICICI Bank, along with softer crude oil prices.

The 30-share BSE Sensex gained 303.73 points to reach 74,222.49 in early trading, while the NSE Nifty advanced 85.40 points to 23,327.50.

Among Sensex constituents, Hindustan Unilever, Reliance Industries, Kotak Mahindra Bank, Asian Paints, Trent and ICICI Bank were among the top gainers. Tata Steel, Eternal Ltd, Adani Ports and Tech Mahindra were among the stocks trading lower.

Brent crude, the global oil benchmark, was trading at around USD 91.90 per barrel.

VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the market is likely to view the recent escalation of tensions in West Asia as a temporary development. He noted that the softness in crude oil prices indicates limited concern among investors, with Brent crude remaining below the USD 93 per barrel mark.

He also observed that signs of fatigue are emerging in the global artificial intelligence investment theme.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, China’s Shanghai Composite and Hong Kong’s Hang Seng Index were trading lower. US markets ended mostly in negative territory on Tuesday.

Hariprasad K, Research Analyst and Founder of Livelong Wealth, said the decline in crude oil prices is a positive factor for Indian markets as it helps ease concerns related to inflation and the current account deficit.

According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 4,566.03 crore on Tuesday.

On Tuesday, the BSE Sensex closed 394.50 points, or 0.54 percent higher, at 73,918.76, while the NSE Nifty gained 119.10 points, or 0.52 percent, to settle at 23,242.10.