Equity benchmark indices Sensex and Nifty started the day on a positive note, buoyed by foreign fund inflows and a global market rally. The Sensex surged by 329.23 points to 80,130.66, while the Nifty climbed by 118.75 points to 24,365.45 in early trade. However, the initial gains could not be sustained as both indices later slipped into negative territory, with the Sensex trading 174.24 points lower at 79,627.19 and the Nifty down by 94.35 points at 24,152.35.
Axis Bank emerged as a major drag on the markets, with its shares tumbling by 3.50% after reporting a slight dip in quarterly profits. Other laggards included Adani Ports, Bajaj Finance, Bajaj Finserv, Tata Motors, Tech Mahindra, and Eternal. Conversely, top gainers on the Sensex included Tata Consultancy Services, Infosys, Reliance Industries, HCL Tech, HDFC Bank, and ICICI Bank.
Asian markets showed mixed trends, with South Korea’s Kospi index, Tokyo’s Nikkei 225, Shanghai SSE Composite, and Hong Kong’s Hang Seng trading positively. In the US, major indices closed higher on Thursday, with the Nasdaq Composite surging by 2.74%, S&P 500 by 2.03%, and Dow Jones Industrial Average by 1.23%. Foreign Institutional Investors (FIIs) were net buyers of equities worth Rs 8,250.53 crore on the previous trading day.
Global oil prices saw a modest rise, with Brent crude climbing to USD 66.90 per barrel. On the previous trading day, the BSE Sensex had declined by 315.06 points to settle at 79,801.43, while the Nifty had slipped by 82.25 points to 24,246.70. The market sentiment, driven by a combination of domestic and international factors, led to a volatile trading session with investors closely monitoring developments.
The Bombay Stock Exchange, a historic institution in India’s financial landscape, has been a barometer of the country’s economic health for over a century. Established in 1875, the BSE has played a pivotal role in shaping India’s capital markets and remains a key player in the nation’s financial ecosystem. Its indices, including the Sensex, are closely watched by investors, policymakers, and analysts for insights into market trends and investor sentiment.
Commenting on the current market scenario, financial experts noted that the fluctuating trends reflect the ongoing uncertainties in the global economy and geopolitical landscape. Factors such as central bank policies, corporate earnings, and geopolitical tensions continue to influence market dynamics, leading to periodic fluctuations in stock prices.
As investors navigate through the market volatility, staying informed about macroeconomic indicators, sectoral trends, and global developments becomes crucial for making well-informed investment decisions. Market participants are advised to maintain a diversified portfolio, exercise caution during volatile periods, and seek expert guidance to navigate through the dynamic landscape of the stock market.