Share market today: Domestic equity benchmark indices, the Sensex and the Nifty 50, concluded Friday’s trading session in the green, following four straight days of losses against the backdrop of Middle East tensions. Following their Asian counterparts, the domestic benchmark indices had a weaker opening to the day’s trading but subsequently made up ground.
The 30-share BSE Sensex ended higher by 599.34 points or 0.83% at 73,088.33 level while the Nifty 50 closed at 22,147.00 level, up 151.15 points or 0.69%. The broader market underperformed the benchmark indices. The Nifty Small Cap 100 ended 0.10% higher and the Nifty Midcap 100 closed 0.61% higher.
According to Vinod Nair, Head of Research at Geojit Financial Services, large-cap stocks propelled the Indian markets’ robust comeback despite the global weakness. This was fueled by expectations of minimal potential for escalation in response to Israel’s strikes against Iran. But fragility endures as oil prices rise, raising the possibility of inflation. Because people were seeking safe havens, gold prices were soaring. Weakness was seen in mid- and small-cap stocks as Q4 earnings expectations remained muted.
Tensions in the Middle East were affecting confidence throughout the globe, Asian equities fell on Friday, and US futures were considerably down, according to an AP news report.
The state-run IRNA news agency claimed early on Friday morning that Iran had launched air defense batteries in response to reports of explosions near the city of Isfahan, which caused oil prices to spike by around USD 3.
Japan’s main index, the Nikkei 225, fell 3.51% to 36,742.05. Australia’s S & P/ASX 200 fell 1.7% to 7,512.70 levels. Kospi, the stock market of South Korea, fell 2.9% to 2,558.56. The Hang Seng in Hong Kong fell 1.4% to 16,161.24, and the Shanghai Composite fell 0.1% to 3,071.76.
(more to come)
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Published: 19 Apr 2024, 03:30 PM IST