The Indian benchmark indices crashed on Friday as the Sensex fell 1,017 per cent to settle at 78,998.53 and the Nifty fell 296.80 points to close trade at 24,469.10 at 3:30 PM.
The BSE Sensex rang the opening bell below 79,500, crashing a little over 550 points, while the NSE Nifty50 started trading around 24,600, tanking more than 150 points, as of 9:15 AM.
Geopolitical Tensions Keep Oil Prices In Focus
Market participants remained cautious as ongoing geopolitical tensions in the Middle East continued to fuel concerns about a resurgence in global inflation. Elevated energy prices could complicate the monetary policy outlook if inflationary pressures intensify.
Crude oil prices moved above the $80 per barrel mark overnight. Although Brent futures edged slightly lower on Friday to $84.64, the high price levels continued to weigh on investor sentiment.
Global Markets Send Mixed Signals
Overseas markets delivered a mixed performance. In Asia, China’s Shanghai index rose 0.25 per cent while the Shenzhen index gained 0.8 per cent. Hong Kong’s Hang Seng advanced 1.72 per cent.
In contrast, Japan’s Nikkei 225 slipped marginally by 0.02 per cent, and South Korea’s Kospi declined 1.77 per cent.
Wall Street Closes In The Red
US markets ended the previous session in negative territory, reflecting heightened risk aversion among investors.
The Nasdaq fell 0.26 per cent, the S&P 500 dropped 0.56 per cent, and the Dow Jones Industrial Average declined 1.61 per cent.
Institutional Flows Continue to Guide Market Direction
Domestic market trends remained influenced by institutional activity. On March 5, Foreign Institutional Investors (FIIs) were net sellers of equities worth Rs 3,752 crore, according to exchange data.
Meanwhile, Domestic Institutional Investors (DIIs) bought shares worth Rs 5,153 crore, offering some support to the market.
Sensex, Nifty Rebound After Recent Losses
Benchmark indices closed Thursday’s session with gains of more than 1 per cent, ending their recent losing streak.
The Sensex rose 899.71 points, or 1.14 per cent, to settle at 80,015.90.
During intraday trading, the index climbed as much as 1,187.64 points, or 1.50 per cent, to reach 80,303.83 before paring some gains toward the close.
The Nifty also staged a strong recovery, advancing 285.40 points, or 1.17 per cent, to finish at 24,765.90, snapping its three-session decline.
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