Sensex Leaps 630 Points, Nifty 23,978 Despite Geopolitical Jitters
Indian equity benchmarks traded sharply higher despite geopolitical tensions and Strait of Hormuz concerns. The Sensex climbed 630 points to an intra-day high of 77,261, while the Nifty surged 0.85 percent or 203 points to 23,978. Banking, realty, auto, energy, and metal stocks led gains. Asian markets also rose, with Japan’s Nikkei up over 1 percent and South Korea’s KOSPI gaining 1.5 percent.
Indian equity benchmarks traded sharply higher despite geopolitical tensions and Strait of Hormuz concerns. |
Mumbai: Indian equity benchmarks traded sharply higher on Friday, mirroring gains in global markets despite fresh geopolitical tensions and concerns over the closure of the Strait of Hormuz. Sensex climbed as much as 0.82 per cent or 630 points to hit an intra-day high of 77261 in early trade, while Nifty surged 0.85 per cent or 203 points to trade at 23,978. Earlier, the 30-share Sensex opened at 77,121, up 0.64 per cent or 489 points, while the 50-share index began the session at 23,880, gaining 0.44 per cent or 100 points.
Sectorally, banking, realty, auto, energy and metal stocks emerged as top gainers, while the IT sector traded in negative territory. Infosys, Sun Pharma, Tech Mahindra, HCL Tech and HUL were among the top losers. According to analysts, the extent of the drawdown in equity markets does not appear significant relative to the sharp movement and shock seen in energy markets. This likely reflects expectations that energy prices may ease going forward. "Our base case is that energy prices will gradually move lower over the next three to six months," they said.
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Analysts added that while there could be a marginal impact on growth and a slight uptick in inflation, the overall environment remains constructive for equities, especially with the upcoming earnings season expected to be strong. On the global front, Asian markets traded higher. Japan’s Nikkei rose over 1 per cent, or more than 900 points, to 56,815, while Hong Kong’s Hang Seng gained around 200 points, or 0.7 per cent, to 25,936. South Korea’s KOSPI surged 1.5 per cent, or about 100 points, to 5,877.20.
Other regional indices also traded in positive territory. Meanwhile, Wall Street in the US closed in the green, with the S&P 500 rising 0.62 per cent, or 42 points, to 6,824.66, and the Nasdaq gaining 0.82 per cent, or 186.66 points, to end at 22,821.66. Crude oil prices also moved higher, with Brent crude rising 1.13 per cent to $97.01 per barrel, while US WTI crude gained 1.39 per cent to $99.24.
Disclaimer: This story is from the syndicated feed. Nothing has been changed except the headline.
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