Kamal Ghorui
Stock market today: Nifty50 and BSE Sensex rallied in opening trade on Wednesday on hopes of an end to the US-Iran war. While Nifty50 went above 22,800, BSE Sensex was up over 1,600 points. At 9:16 AM, Nifty50 was trading at 22,828.60, up 497 points or 2.23%. BSE Sensex was at 73,594.82, up 1,647 points or 2.29%.Experts are of the view that conditions will remain delicate in the near term, with movements in crude oil prices, currency trends and foreign investment flows likely to dictate direction.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “There are indications of de-escalation of the war from the statements issued by the Iranian authorities. Iranian president’s ‘openness to ending the war’ and confirmation from the Iranian foreign minister that ‘messages were exchanged with the U.S.’ indicate that the war might end soon. This view is getting reflected in declines in crude prices and US bond yields. The market might start discounting de-escalation earlier than the event.In the March series, the Bank Nifty suffered the worst cut with crash of around 17 %. This segment holds the promise of sharp recovery when the market bounces back. Leading private sector bank has been beaten down on non-fundamental issues. For long-term investors, this presents a buying opportunity. Many stocks across sectors were marked sharply down on March 30th due to selling triggered by tax harvesting. These stocks are due for a rebound today.“US equities closed with strong gains on Tuesday, supported by expectations of a possible easing in tensions in the Middle East. The conflict has driven a surge in oil prices in recent weeks and heightened concerns over global inflation.Asian markets opened higher, taking cues from the rally on Wall Street, as optimism grew that the geopolitical tensions disrupting global markets and energy supplies could be approaching a resolution.Gold prices also advanced on Wednesday, reaching their highest level in nearly two weeks. The uptick was aided by a softer dollar after US President Donald Trump indicated that the conflict with Iran could ease within weeks.On the institutional front, foreign portfolio investors remained net sellers on Monday, offloading equities worth Rs 11,163 crore. Domestic institutional investors, however, provided some support to the market by purchasing shares worth Rs 14,895 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
