Sensex Gains Over 350 Points In Early Trade, Nifty Crosses 24,000 Before Turning Volatile
· Free Press Journal
The domestic stock market remained highly volatile in early trade on Friday after remaining closed on Thursday for Eid.
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The benchmark indices opened almost flat but soon moved higher on hopes that the ceasefire between the United States and Iran could be extended.
The Sensex opened at 75,988.51 points compared to its previous close of 75,867.80 points on Wednesday.
During early trade, the 30-share index climbed more than 350 points, or 0.4 percent, to touch the 76,220 mark before giving up most of the gains later in the session.
Similarly, the Nifty opened slightly lower at 23,902 points against Wednesday’s close of 23,907 points.
The 50-share index later gained over 95 points and briefly crossed the important 24,000 level before slipping into negative territory.
Sensex Ends Lower Amid Banking Drag, Nifty Slips As Iran Tensions Keep Investors CautiousIT Stocks Lead Market Gains
Information technology stocks were among the biggest gainers in the Nifty 50 index during early trading hours.
Shares of Infosys, Wipro, HCLTech, Tech Mahindra and Tata Consultancy Services rose between 1 percent and 3.7 percent.
Banking stocks also supported the market rally. Shares of ICICI Bank, Kotak Mahindra Bank and Axis Bank remained among the top gainers.
Metal And Aviation Stocks Under Pressure
On the losing side, aviation company IndiGo emerged as the biggest loser on the index.
The stock declined more than 2.3 percent after reports suggested the airline may cut domestic flights because of weak demand expectations.
Metal stocks also remained under pressure. Shares of Tata Steel fell 1.3 percent, while JSW Steel and Hindalco Industries also traded lower.
Nifty Metal and Nifty Oil & Gas were among the worst-performing sectoral indices during the session.
Ceasefire Hopes And Oil Prices Influence Markets
Market sentiment remained sensitive to developments in West Asia.
Investors reacted positively to signs that the US and Iran may move closer to extending the ceasefire, although a final peace agreement has not yet been reached.
Crude oil prices also declined sharply to around $92 per barrel from nearly $98 per barrel a day earlier. Lower oil prices generally support markets like India by reducing import and inflation pressures.
However, uncertainty over the geopolitical situation kept investors cautious, leading to volatile trading through the morning session.