Share Market Today: Sensex, Nifty Trade Flat Tracking Iran-Israel Conflict
Share Market Today: On the 30-share Sensex platform, Maruti, TechM, Titan, IndusInd Bank, Tata Motors, HCLTech emerged gainers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Friday opened lower tracking weak global sentiment on escalating tensions between Israel and and Iran. At 10.15 am, the two indices are trading flat amid high volatility. The BSE Sensex fell 126 points to 82,371. On the other hand, the NSE Nifty50 was trading at 25,203, down 47 points.
Stock update
On the 30-share Sensex platform, Maruti, TechM, Titan, IndusInd Bank, Tata Motors, HCLTech emerged gainers. On the down side, Bajaj Finance, NTPC, Asian Paints, M&M, Bajaj Finserv, HDFC Bank were among the losers.
In the broader markets, the BSE Midcap and Smallcap indices are trading flat.
Sectoral update
Except for the IT and Metal sectors, all other indices are trading in negative territory, with the realty index down by 2 percent.
In the previous session on Thursday, The BSE Sensex index crashed 2 per cent or 1,769 points to 82,497. On the other hand, the NSE Nifty50 fell 547 points (2.12 per cent) to close at 25,250.
"The last three days have witnessed huge FII selling of Rs 30,614 crore in the cash market. FIIs are moving money from expensive India to cheap Hong Kong on expectations that the monetary and fiscal stimulus being implemented by the Chinese authorities will stimulate the Chinese economy and improve earnings of Chinese companies. It remains to be seen how this Chinese recovery hopes play out," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Seoul, Tokyo and Hong Kong were trading in the positive territory. Markets in mainland China are closed due to a holiday. The US markets ended lower on Thursday. European stocks finished down 0.93 per cent as investors digested weak business activity survey data from the bloc. MSCI's gauge of stocks across the globe fell 0.39 per cent to 842.18.
Global oil benchmark Brent crude dipped 0.06 per cent to $77.57 a barrel.
Rupee trades flat
Rupee paused its slide and traded flat at 83.96 against the US dollar in early deals on Friday amid retreating crude oil prices and a weak American currency against major Asian rivals. Subdued sentiment in the domestic equity markets amid massive outflow of foreign funds in the past three days played a spoilsport and prevented a recovery in the rupee, forex traders said.
At the interbank foreign exchange, the local unit opened at 83.96 against the greenback and failed to recover from the deep plunge witnessed in the previous session. On Thursday, the rupee slid 14 paise to settle at 83.96 against the American currency.
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