Mumbai (Maharashtra) : The domestic share markets opened in the green on Friday, making some recovery after heavy selling in the previous session and offering some relief to investors.
The Nifty 50 opened at 23,110.15, gaining 108 points or 0.47 per cent, while the BSE Sensex opened at 74,559.38, up by 352.14 points or 0.47 per cent.
Market experts noted that the recent trend reflects continued volatility driven by alternating phases of optimism and concern.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The 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.”
He added that there is potential for the market to move higher as hopes of de-escalation in the West Asia conflict have emerged. “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 USD 106 from the peak of USD 118 yesterday,” he said.
Brent crude prices were trading at USD 106.87 per barrel at the time of filing this report.
In the broader market indices on the NSE, buying momentum was seen across segments. The Nifty 100 surged by 1.22 per cent, while the Nifty Midcap 100 rose by 1.60 per cent and the Nifty Smallcap 100 gained 1.19 per cent.
Sectoral indices also traded in positive territory. Nifty PSU Bank led the gains with a rise of 2.93 per cent. Nifty Auto gained 1.34 per cent, Nifty FMCG rose 0.73 per cent, Nifty IT advanced 1.82 per cent, and Nifty Media increased by 1.41 per cent.
However, shares of HDFC Bank remained under pressure, declining by 0.85 per cent to Rs 791 per share in opening trade following the recent sudden resignation of Atanu Chakraborty, former Non-Executive Chairman of the bank.
In Asian markets, a mixed trend was observed during Friday’s opening session. Japan’s Nikkei 225 index declined by more than 3 per cent to 53372 levels, Singapore’s Straits Times fell by 0.26 per cent to 4954 levels, and Hong Kong’s Hang Seng index dropped by 0.56 per cent to 25358 levels. Meanwhile, Taiwan’s Weighted index rose by 0.21 per cent to 33759 levels and South Korea’s KOSPI gained 0.55 per cent to 5795 levels.
In the US markets on Thursday, selling pressure persisted. The Dow Jones declined by 0.44 per cent to 46021 levels, the S&P 500 fell by 0.27 per cent to 6606 levels, and the Nasdaq slipped by 0.28 per cent to 22090 levels. (ANI)
