3 hrs ago
Indian stocks rebound, then turn volatile amid global pressures
Indian stock markets started Friday by recovering some of the losses from the previous day.
The Sensex and Nifty both rose early in the session.
Later, they moved slightly lower and became volatile.
High oil prices made investors nervous because they can increase costs.
High US government bond yields also made shares less attractive.
Technology stocks continued to face selling pressure.
Foreign investors sold a large amount of Indian shares on Thursday.
These factors kept the market under pressure despite the early rebound.
The Sensex initially rose 86 points to 73,672.98, while the Nifty gained 18.80 points to 23,080.45.
Both benchmarks later slipped, with the Sensex down 12.95 points and the Nifty lower by 16.75 points.
Larsen & Toubro, Axis Bank, Mahindra & Mahindra, Power Grid, State Bank of India, HCLTech and Bajaj Finance advanced.
Infosys, Tata Consultancy Services, Tech Mahindra and NTPC were among the declining stocks.
Foreign Institutional Investors sold equities worth ₹5,027.36 crore on Thursday after the Sensex and Nifty suffered sharp losses.
- Who
- Indian equity benchmarks Sensex and Nifty, along with domestic and foreign investors.
- What
- The Sensex and Nifty initially rebounded before turning volatile and moving lower.
- Where
- Indian stock exchanges; global market conditions also influenced trading.
- When
- Friday, following sharp market losses on Thursday.
- Why
- Elevated crude oil prices, high US bond yields, IT-sector selling, global economic concerns and foreign fund outflows weighed on sentiment.
Key facts
- Sensex early level
- 73,672.98, up 86 points
- Nifty early level
- 23,080.45, up 18.80 points
- Later Sensex move
- Down 12.95 points at 73,568.22
- Later Nifty move
- Down 16.75 points at 23,049.40
- Brent crude
- Traded 0.99% lower at USD 105.5 per barrel
- US 10-year yield
- Hovered around 5.2%
- Foreign investor sales
- FIIs sold equities worth ₹5,027.36 crore on Thursday
- Previous session
- Sensex fell 1,247.71 points and Nifty dropped 383.70 points
Quotes
V K Vijayakumar
Chief Investment Strategist at Geojit Investments Limited
“Sometimes many negative news come together to spook the markets. This was what happened yesterday when rising US bond yields, spiking crude and concerns over IRDA’s proposals on insurance commissions spooked the Nifty by 383 points. Even though crude has cooled off a bit, Brent remains high at USD 106”
telegraphindia.com
Sources
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