New Delhi:Indian benchmark indices opened slightly higher on Monday despite the Brent crude oil price shooting above $100 per barrel on Monday.

While both Sensex and Nifty fell in red from day's high within an hour of opening in green, the crash wasn't as bad as many traders expected. FOLLOW LIVE UPDATES

Explaining the reason behind a flat opening (instead of a negative), Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at the Wealth Company, said, "Markets have risen because the jump in crude prices wasn't a lot, defying surge expectations after Iran's main hub for crude exports - Kharg island - was attacked on the weekend.

Asian stock markets were down, but the losses were nothing material - so in a way, the drop in volatility and therefore, a positive opening for domestic markets was largely priced in."

He added, "The Nifty's decline last week sent it into the gap-up area formed during April's reciprocal tariffs-led volatility, so the 22900 - 23200 level is critical.

Still, bulls will need to push the market above 23300 - 23400 at least, for a larger advance to get underway. Below 22900, bulls will be on the backfoot."

Echoing Chinchalkar, stock market analyst Nidhi Sharma said, "The overnight/pre-market oil rally was moderate due to IEA/G7 reserve releases. Therefore, relief buying kicks in, leading to a firmer open. In Indian markets (Sensex/Nifty), pharma, metals, or select defensives sometimes gain amid volatility, partially countering oil-sensitive sectors like airlines/auto."

Source:Ndtv