Israel Iran War
On Friday, the FPIs took out Rs 5,518 crore net from the market although the sensex closed with a 326-point gain, a marginal reversal from the brutal Thursday session that saw nearly 2,500 points shaved off the index. So far in the month, the sensex has lost a little over 6,750 points or 8.3% mainly because of the war-induced FPI selling that also weakened the rupee.Similar to last few weeks, Friday’s session was also marked by high volatility with sensex rallying by over 1,000 points in early trades only to witness strong profit booking. At close the index was up just 0.4% at 74,533 points. On a weekly basis, the index has barely moved: The previous Friday (Mar 13) it had closed at 74,563 points. On the NSE, Nifty too showed high volatility and closed at 23,115 points, up 112 points (0.4%).During the day, traders preferred to reduce their risks ahead of the weekend with heightened uncertainty, market players said.According to Nagaraj Shetti of HDFC Securities, the near-term trend for Nifty remains weak and the present bounce back could be a sell on the rise opportunity. “A weakness below 22,900 points could open the next downside target of 22,500 points in near term. However, the immediate resistance is placed at 23,380 points,” he said.Global shares fell for a third straight session on worries the Iran war would keep upward pressure on oil prices and rekindle inflation. On Wall St, Dow fell 0.5%, S& 0.7% and Nasdaq fell 1% while British and European equities logged a fall for third week straight and LatAm stocks plunged to two-month lows.
