Source : INDIA TODAY NEWS
Benchmark stock market indices opened flat on Thursday but soon declined amid growing uncertainty over the conflict in Iran, which weighed on investor sentiment. Oil prices rose above $100 per barrel, adding to the cautious mood.
The S&P BSE Sensex dropped 382.67 points to 72,936.88, while the NSE Nifty50 fell 84.90 points to 22,628.20 as of 9:29 am.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the market is likely to remain volatile given the ongoing uncertainty surrounding the West Asia conflict. Investors are expected to react sharply to any positive or negative developments.
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He noted that the potential for further escalation in the coming days is significant. The market will closely observe crude oil price movements in response to war-related events. Vijayakumar added that reopening the Hormuz Strait could lead to a positive market response even if the conflict continues.
Volatility was higher in early trade, while the broader market showed mixed trends.
Among gainers, Trent Ltd rose 4.18%, Tech Mahindra Ltd gained 1.54%, Titan Company Ltd was up 1.39%, Infosys Ltd added 1.12%, and Power Grid Corporation of India Ltd climbed 0.91%. Bharat Electronics Ltd gained 0.55%, Tata Consultancy Services Ltd rose 0.53%, HCL Technologies Ltd added 0.37%, and Axis Bank Ltd was up 0.14%, while State Bank of India Ltd and Hindustan Unilever Ltd were flat at 0.00%.
Kotak Mahindra Bank Ltd fell 2.12%, Indigo Ltd declined 1.89%, Reliance Industries Ltd dropped 1.89%, and Sun Pharmaceutical Industries Ltd was down 1.64%. Maruti Suzuki India Ltd slipped 1.24%, ICICI Bank Ltd fell 1.20%, Bajaj Finance Ltd declined 1.16%, and Adani Ports and Special Economic Zone Ltd was down 1.14%.
Eternal Ltd and Tata Steel Ltd each fell 0.80%, while Bharti Airtel Ltd dropped 0.74%, Bajaj Finserv Ltd declined 0.73%, and Mahindra and Mahindra Ltd was down 0.71%. Larsen and Toubro Ltd slipped 0.67%, HDFC Bank Ltd fell 0.60%, and Asian Paints Ltd declined 0.43%, while NTPC Ltd and ITC Ltd were marginally lower at 0.10% each.
Despite the overall weakness, certain sectors show promise. The IT segment has strengthened, supported by expectations of better-than-anticipated Q4 results and benefits from the rupee’s depreciation.
Additionally, Vijayakumar highlighted opportunities for long-term investors in banking stocks. The recent sharp correction, especially in private sector banks, is largely attributed to sustained foreign institutional investor selling. However, the sector’s fundamentals remain strong, with indicators pointing to healthy deposit and credit growth.
He advised patient investors to consider banking stocks for potential rewards as the market stabilises.
In summary, market participants should brace for volatility influenced by geopolitical tensions and monitor sector-specific trends for investment opportunities.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
– Ends
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SOURCE :- TIMES OF INDIA
