Sensex, Nifty rise as markets stay calm despite Iran-Israel flare-up
Benchmark stock market indices opened lower, but quickly shed losses to trade in green as investors remained cautious due to rising tensions in the Middle East between Israel and Iran.The S&P BSE Sensex was up by 118.37 points to 81,701.67, while the NSE Nifty50 gained 61.65 points to 24,913.45 as of 9:28 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that the latest tweet by President Trump and the US defence movements in West Asia signal the aggravation of the conflict.advertisement
"However, there is no panic in global equity markets and it appears that the markets' assessment is that this conflict will end soon without impacting the global economy," he added.The BSE Sensex showed a mixed start to Wednesday's trading session. IndusInd Bank led the gainers with a 5.05% jump, followed by Maruti Suzuki up 2.10%, Mahindra & Mahindra gaining 1.97%, Bajaj Finance rising 0.92%, and Titan adding 0.76%.Adani Ports dropped 0.80%, Kotak Mahindra Bank fell 0.70%, PowerGrid declined 0.65%, Infosys was down 0.45%, and Nestle India slipped 0.27%.It is important to understand that after the Covid crash which took the Nifty to a low of 7511 in March 2020 we are in a bull market which has been climbing all walls of worries. The market is likely to climb this Israel-Iran conflict worry, too. Despite the high valuations, particularly in the broader market, the market is likely to remain resilient supported by sustaining strong liquidity and hopes of turn around in earnings. The 24500-25000 range will hold in the near-term and is likely to be broken on the upside when positive news relating to the West Asian conflict comes. Buy on dips strategy will continue to work.advertisement
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