1 week ago
Indian Stocks End Flat as Crude and US Yields Weigh
India’s two main stock-market indexes finished Friday almost unchanged.
The Sensex gained only 3.11 points, while the Nifty rose 20.15 points.
Investors were careful because oil prices remained high.
A continuing disagreement between the United States and Iran added uncertainty to energy markets.
Higher US government bond yields also made investors less willing to buy stocks.
US markets had fallen on Thursday, adding to the cautious mood.
Foreign investors sold Indian shares on Thursday.
Some companies gained, while others lost, so the overall market stayed nearly flat.
The market had recovered strongly on Thursday but still ended lower for the full week.
The Sensex finished at 77,540.83, gaining 3.11 points in range-bound trading.
The Nifty rose 20.15 points, or 0.08 per cent, to close at 24,252.
Elevated crude prices, higher US Treasury yields and falling US markets kept investors cautious.
Brent crude rose 0.06 per cent to USD 93.84 per barrel amid continuing US-Iran geopolitical tensions.
Foreign institutional investors sold equities worth Rs 583.36 crore on Thursday, while the Sensex and Nifty declined over the week.
- Who
- Indian equity investors, foreign institutional investors and companies listed on the Sensex and Nifty.
- What
- The Sensex and Nifty ended Friday largely flat after rebounding on Thursday.
- Where
- Indian stock markets, including the BSE and NSE.
- When
- Friday; the preceding Thursday saw a strong market recovery.
- Why
- High crude prices, geopolitical uncertainty, rising US Treasury yields, inflation concerns and a fall in US markets discouraged aggressive buying.
Key facts
- Sensex close
- 77,540.83, up 3.11 points
- Nifty close
- 24,252, up 20.15 points, or 0.08 per cent
- Sensex intraday range
- 77,445.86 to 77,725.67
- Brent crude
- USD 93.84 per barrel, up 0.06 per cent
- Foreign institutional activity
- FIIs sold equities worth Rs 583.36 crore on Thursday
- Weekly performance
- Sensex fell 468.42 points, or 0.60 per cent; Nifty fell 114 points, or 0.46 per cent
- Thursday recovery
- Sensex rose 628.04 points and Nifty gained 153.55 points
Quotes
Hariselvan Radhakrishnan
Founder and CEO of HST Wealth, a research analyst firm
“The elevated global bond yields continue to cause worry in the market. The recent US Treasury's move to ease the bond yields failed to provide lasting comfort, given surging crude prices and persistent inflation fears.”
rediff.com
telegraphindia.com
thehansindia.com
“Investor sentiment remained cautious heading into the weekend as a rebound in US Treasury yields and persistently elevated crude oil prices discouraged investors from taking aggressive directional positions.”
rediff.com
telegraphindia.com
thehansindia.com
Sources
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