The Indian benchmark indices witnessed significant gains on Friday as the Sensex jumped more than 294 points to close at 82,793 and the Nifty rose 111 points ending trade at 25,565 at 3:30 PM.
Previously, during early morning trade, the 30-share BSE Sensex fell 291.93 points (0.35%) to 82,206.21 in early trade, while the 50-share NSE Nifty slipped 74.6 points (0.29%) to 25,379.75 at 9:15 AM.
Both benchmark indices quickly recovered from their initial losses and moved into positive territory.
Amid multiple global headwinds, the resilience of the Indian economy and a recovery in corporate earnings, reflected in Q3 results, remain supportive factors for the market, said V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
“Amidst the many crises, the strength of the Indian economy and the recovery in corporate earnings as reflected in Q3 numbers, are positives for the market,” he said.
He added that investors may adopt a wait-and-watch approach as developments unfold in the Middle East. Those optimistic about the possibility of a deal can use the current market weakness to accumulate fairly valued, high-quality stocks in banking and financials, automobiles, pharmaceuticals, hotels, leading capital goods and telecom.
Global Markets
Broader Asian markets were largely lower. Japan’s Nikkei 225 declined 1.25 per cent and Hong Kong’s Hang Seng slipped 0.67 per cent. In contrast, South Korea’s Kospi gained nearly 2 per cent. Markets in mainland China remained shut for the Lunar New Year holidays.
US equity markets closed in negative territory in overnight trade on Thursday.
Institutional Flows
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 880.49 crore on Thursday. Domestic institutional investors were also net sellers, offloading stocks worth Rs 596.28 crore.
Crude Oil Prices Update
Brent crude, the global oil benchmark, rose 0.33 per cent to USD 71.90 per barrel.
