Opening Bell - 06 / 01 / 2026

Dow Reaches Record as Energy Stocks Surge Following U.S. Strike on Venezuela

Wall Street climbed on Monday, with the Dow Jones Industrial Average hitting an all-time high driven by surging energy shares after a U.S. military operation captured Venezuelan President Nicolás Maduro.

Investors anticipate the move will grant U.S. companies access to the world's largest oil reserves. The Trump administration plans to meet with oil executives this week to discuss boosting Venezuelan production.

Venezuela holds the world's largest proven oil reserves, but output has collapsed in recent decades due to mismanagement, limited foreign investment following the nationalisation of the industry, and international sanctions.

Energy stocks led Monday's gains, with Chevron—a leading private oil operator in Venezuela — surging 5.1%. Financial stocks also posted strong advances, helping push the Dow to its record close.

Oil prices fell on Tuesday as traders weighed the prospect of increased Venezuelan crude output, adding to expectations of ample global supply amid weak demand.

On the currency front, the Indian rupee weakened for the fourth consecutive session, depreciating by 8 paise to 90.28 against the US dollar. The currency has now declined in nine of the past ten trading sessions, weighed down by uncertainty over potential trade negotiations between Washington and New Delhi.

Asian equities are trading at fresh record highs today, with MSCI’s broad Asia-Pacific gauge extending its rally, led by Japanese and Hong Kong benchmarks near new peaks.

Nifty ended its three-day winning streak on Monday, slipping 89 points to close at 26,239.

Despite profit-booking at higher levels, the Nifty held comfortably above its 5-day EMA, currently placed at 26188, signalling that the short-term bullish undertone remains intact.

As long as the index remains above the crucial support zone of 26,100, the near-term trend is expected to stay positive. On the upside, a high of 26,373 is likely to act as an immediate resistance. A decisive move above this level could rekindle buying momentum, paving the way for a potential rally towards 26,500.

Foreign investors have continued to cover their short positions in the derivatives markets.

Indian markets are positioned to open higher on positive global cues.