2 weeks ago
Sensex climbs 114 points; Nifty ends below 24,400 amid uncertainty
The stock market in India had a quiet day on Thursday, 13 August.
The Sensex, one of India's main stock market lists, went up a little bit to end at 78,079.96.
The Nifty, another big list of companies, went down just a little to finish at 24,395.85.
This was the fourth day in a row that the market did not move much.
Investors are being careful because the United States and Iran are having a disagreement.
Both countries say they control a narrow waterway called the Strait of Hormuz, through which about one-fifth of the world's crude oil shipments pass.
Because oil is so important, worries about it make people cautious about buying and selling stocks.
The price of Brent crude oil went down 2% to about $87 per barrel.
Prices of everyday goods in the US and India rose more slowly than people feared, which made investors a bit happier.
Overall, experts think the market may stay stuck in a sideways range for a while.
The Sensex rose 114 points (0.15%) to close at 78,079.96, while the Nifty fell 40 points (0.16%) to end at 24,395.85.
Indian equities stayed rangebound for a fourth consecutive session as uncertainty over a potential US-Iran deal and the reopening of the Strait of Hormuz kept investors cautious.
Brent crude declined 2% to near $87 per barrel amid expectations of weak global oil demand this year.
The Indian rupee slipped 11 paise to close at 95.44 per dollar, compared with its previous close of 95.33.
Softer-than-feared July inflation in the US (3.4% year-on-year) and India (4.45%) reinforced expectations that the Fed and the RBI can maintain a patient policy stance.
- Who
- Indian stock market investors and listed companies such as Tata Consumer, Tata Motors, NTPC, Hindalco, ICICI Bank and UltraTech Cement, with commentary from analysts including Vinod Nair of Geojit Investments, Sudeep Shah of SBI Securities and Vipin Kumar of Globe Capital Market.
- What
- The Sensex climbed 114 points to 78,079.96 while the Nifty slipped 40 points to 24,395.85, as the market stayed rangebound for a fourth consecutive session.
- Where
- Indian stock markets, with investor caution driven by US-Iran tensions over the Strait of Hormuz and global oil price movements.
- When
- Thursday, 13 August, the fourth consecutive rangebound session.
- Why
- Persistent uncertainty over a potential US-Iran deal and the reopening of the Strait of Hormuz kept investors cautious, even as softer US and India inflation readings supported sentiment.
United States
Iran
Control of the Strait of Hormuz
United States
The US imposed a naval blockade of the Strait of Hormuz, forcing Tehran to halt its share of oil shipments, and claims control of the waterway.
Iran
Iran closed the Strait in the early days of the war, which began on 28 February, and claims it controls the waterway through which around one-fifth of the world's crude oil shipments pass.
Key facts
- Sensex close
- 78,079.96 (+114 points, +0.15%)
- Nifty close
- 24,395.85 (-40 points, -0.16%)
- Brent crude
- About $87 per barrel, down 2%
- Rupee per dollar
- 95.44, down 11 paise from 95.33
- India retail inflation (July)
- 4.45%
- US CPI inflation (July)
- 3.4% year-on-year, +0.1% month-on-month
- Top Nifty 50 gainers
- Tata Consumer, Tata Motors Passenger Vehicles, NTPC
- Top Nifty 50 losers
- Hindalco, ICICI Bank, UltraTech Cement
Quotes
Sudeep Shah
Head of Technical and Derivatives Research at SBI Securities
“Softer-than-feared inflation readings in both the U.S. and India provided support to investor sentiment, reinforcing expectations that the Fed and the RBI can maintain a patient policy stance in the near term. Yet, elevated crude oil prices remain a key overhang, with geopolitical uncertainty in the Middle East preventing a stronger risk‑on move.”
livemint.com
“Any sustainable move above this zone could result in Nifty extending its pullback towards 24,700, followed by 24,850 in the short term. On the downside, the immediate support for Nifty is placed in the 24,270-24,250 zone.”
livemint.com
Sources
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