Benchmarks snap two-day losing streak; recover 1%
Mumbai: Shrugging off geopolitical concerns amid escalating tensions between Israel and Iran, stock markets rebounded by nearly 1 per cent on Monday following value buying in oil & gas and IT shares and gains in other Asian markets as Brent crude oil prices dropped.
The 30-share BSE Sensex jumped 677.55 points or 0.84 per cent to settle at 81,796.15 with 27 of its constituents ending in the green and three with losses. During the day, it surged 747.22 points or 0.92 per cent to 81,865.82. The 50-share NSE Nifty climbed 227.90 points or 0.92 per cent to 24,946.50.
Among Sensex firms, UltraTech Cement rose the most by 2.39 per cent. Tech Mahindra, HCL Tech, Tata Consultancy Services, Eternal, Asian Paints, Tata Steel and Kotak Mahindra Bank were among the gainers. Tata Motors, Adani Ports and Sun Pharma were the laggards.
'Despite ongoing geopolitical tensions between Israel and Iran, the market moved higher, supported by gains in large-cap stocks, as investors maintained their focus on long-term fundamentals in the time of volatile situations. Geopolitical developments in the Middle East are likely to influence near-term market sentiment, with any signs of de-escalation being closely monitored,' Vinod Nair, Head of Research, Geojit Investments Limited, said. 'Among sectors, oil and gas recorded strong gains, while the IT sector outperformed in anticipation of the upcoming US Fed policy meeting, which is expected to provide further clarity on the interest rate outlook,' Nair added.
The BSE midcap gauge jumped 0.93 per cent and smallcap index climbed 0.38 per cent. All BSE sectoral indices ended higher. IT jumped 1.50 per cent, followed by BSE Focused IT (1.50 per cent), teck (1.35 per cent), oil & gas (1.22 per cent), realty (1.21 per cent), services (1.10 per cent) and consumer durables (1.05 per cent).
Wholesale price inflation (WPI) declined to a 14-month low of 0.39 per cent in May on easing prices of food articles and fuel. 'Despite mounting global uncertainty triggered by escalating tensions in the Middle East, Indian markets remained resilient,' Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity – Ashika Stock Broking part of Ashika Group, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,263.52 crore on Friday, according to exchange data. In the previous two sessions, the BSE Sensex lost 1,396.54 points or 1.69 per cent, and the Nifty dropped 422.8 points or 1.68 per cent.
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Time of India
an hour ago
- Time of India
Dollar edges higher vs yen amid focus on Middle East unrest
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Economic Times
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- Economic Times
Oil prices settle lower as US sanctions ease fears of escalation in Iran
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Time of India
2 hours ago
- Time of India
Rupee gains 14 paise on Trump hint of no Iran action for now, equity flows
The Indian rupee modestly strengthened Friday, its first advance in six days tracking inflows into domestic equities, to close at 86.58 per dollar. The rupee climbed 14 paise despite volatile oil prices and no immediate signs of a truce in the Israel-Iran conflict. The strength in the rupee came after US President Donald Trump signalled to avoid any precipitate action on Iran. Rebalancing of the FTSE Russell index also led to some flows, traders said. The rupee traded between 86.54 and 86.67 to the dollar on Friday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Direct Shopping From Adidas Franchise Store, Up To 50% Off Original Adidas Get Offer Undo Brent crude oil prices remained elevated at $77 per barrel, while the dollar index was at 98. A rise in crude oil prices is detrimental to inflation in India as the country is a large importer of the commodity. "Chances of rupee strengthening are very low while crude oil prices are this high. The gain we have seen today is all because of Trump's comments to postpone strikes on Iran," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. The Reserve Bank of India was likely absent today and did not intervene, traders said. "The rebalancing flows of the FTSE Russell Index did help, but dollar demand was strong too, which countered the inflow," a trader said. Foreign investors bought Indian equities worth ₹7,940.7 crore on Friday. Live Events "The only positive we have seen is that FPIs are not large sellers in Indian equities," Bhansali said.
