Kamal Ghorui
Stock market today: Benchmark indices Nifty50 and BSE Sensex opened in green on Friday after a big selloff on Thursday that saw markets tank over 3%. While Nifty50 opened above 23,200, BSE Sensex rose over 700 points, just shy of 75,000. At 9:16 AM, Nifty50 was trading at 23,229.15, up 227 points or 0.99%. BSE Sensex was at 74,945.45, up 738 points or 0.99%.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “Market has been oscillating between some hope and fear during the last four days. The gains which Nifty accumulated in the previous three days have been completely wiped out with the 775 point loss yesterday. This oscillation between hope and fear is likely to continue in the near-term.Today there is potential for the market to move up since hope of de-escalation is back. Israel PM’s remarks yesterday indicate that there won’t be further attacks on Iran’s oil and gas infrastructure. This has cooled the Brent crude to $ 106 from the peak of $118 yesterday. The HDFC issue impacted Nifty Bank significantly yesterday and it also contributed to the crash in Nifty. This is likely to be a storm in a tea cup. Even though the uncertainty continues, the market construct is ripe for a bounce back today. Beaten down financials and autos are set for a bounce back.”Indian equity markets tumbled sharply on Thursday, breaking a three-day gaining streak, as escalating tensions in West Asia sparked a global risk-off sentiment. Analysts said the market is entering a phase of heightened vulnerability, with investor confidence increasingly influenced by fast-moving geopolitical developments and a surge in crude oil prices.Asian markets opened higher on Friday after US equities recovered from their intraday lows and oil prices eased. However, Wall Street had closed lower on Thursday, dragged down by declines in Micron Technology and Tesla, as rising oil prices stoked inflation worries and dampened expectations of future interest rate cuts.Gold prices edged up on Friday but were still set for a third straight weekly decline, pressured by a strong dollar and the US Federal Reserve’s hawkish stance, which has reduced hopes of near-term monetary easing. Oil prices, meanwhile, fell on Friday after major European countries and Japan signalled their willingness to support measures to ensure safe passage for vessels through the Strait of Hormuz, while the US outlined steps to boost supply.Foreign portfolio investors remained net sellers, offloading equities worth Rs 7,558 crore on Thursday, while domestic institutional investors provided some support, purchasing shares worth Rs 3,864 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)
