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Time of India
3 days ago
- Business
- Time of India
Indices decline 1% amid rising crude prices and geopolitical tensions
Indian equity markets experienced a 1% decline on Thursday, triggered by escalating tensions in West Asia and the subsequent surge in crude oil prices. Geopolitical uncertainty, coupled with a plane crash, dampened investor sentiment, leading to significant selling pressure from foreign portfolio investors. While domestic institutions provided some support, broader market indices reflected the prevailing caution. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: India's equity indices shed 1% on Thursday as a flare-up in tensions in West Asia and a resultant rebound in crude prices soured investor US on Wednesday withdrew personnel from West Asia, citing heightened security risks in the region, which resulted in Brent crude futures rising by 4% before they pulled back on Thursday. According to news reports, Israel is preparing to mount an attack on Iran, a move that is seen as destabilising the Middle Sensex fell 823 points to close at 81,692. The Nifty declined 253 points to end at 24,888."The market was already weak in the morning today because of the geopolitical tensions, but the sharper sell-off happened after the unfortunate plane crash in the afternoon. Though there is no direct correlation, that had an impact on sentiment," said Siddarth Bhamre, head of institutional research at Asit C Mehta Investment Intermediates. Foreign portfolio investors continued to sell, dumping shares worth ₹3,831 crore on Thursday. Domestic institutions were buyers of ₹9,394 crore. The flows from local institutions included the purchase of Asian Paints in the block deal that was transacted on in Asia, China ended almost flat, Hong Kong fell 1.4% and Taiwan dropped 0.8%. South Korea rose 0.5%. The pan-Europe index Stoxx 600 was down 0.6% at the time of going to home, NSE's Volatility Index, or VIX, firmed up 2.5% to 14, reflecting the caution in the market. The next major support for the Nifty is at 24,700, while 25,000 could be a hurdle for the Midcap 150 dropped 1.5% and Nifty Small-cap 250 fell 1.4%. Of the 4,151 shares traded on BSE, 2,780 declined, while 1,226 advanced."There is a fair bit of rotation happening between small-cap, mid-cap and large-caps as investors are looking to churn at every opportunity available," said Jani, director, Finazenn - an investment advisory, does not see this as a start of a trend reversal."Broadly, there are no major downside risks in the market unless geopolitical risks escalate," he said.
Economic Times
03-05-2025
- Business
- Economic Times
Market gains fizzle out as conflict concerns linger
China's commerce ministry's statement on Friday that it may be open to starting trade talks with the US raised hopes for de-escalation of the tariff war between the world's largest economies. The BSE Sensex rose 0.3%, or 260 points, to end at 80,502. The NSE Nifty50 edged up 0.05%, or 13 points, to close at 24,347. Both indices gained 1.5% this week-marking the third straight weekly gain for Indian equities-the longest such streak since December 2024. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: India's equity benchmarks ended slightly higher on Friday after giving up most of the early gains, as traders, worried over a possible military conflict between India and Pakistan, opted to cut some of their bets ahead of the BSE Sensex rose 0.3%, or 260 points, to end at 80,502. The NSE Nifty50 edged up 0.05%, or 13 points, to close at 24,347. Both indices gained 1.5% this week-marking the third straight weekly gain for Indian equities-the longest such streak since December 2024."Domestic equity markets are nervous in the backdrop of a potential escalation in tensions between India and Pakistan," said Sunny Agrawal, head of fundamental equity research, SBI Securities. The stock market had risen over 1.04% earlier in the day, tracking strong trends in the rest of Asia, after China said that it was evaluating possible trade talks with the US, helping reverse weakness after disappointing results from Apple and markets are shut for Labour Day. Hong Kong rose 1.7%. Taiwan jumped 2.7%, Japan gained 1%, South Korea moved up 0.1%, and Indonesia advanced 0.7%. The pan-Europe index Stoxx 600 was up 1.6% at the time of going to commerce ministry's statement on Friday that it may be open to starting trade talks with the US raised hopes for de-escalation of the tariff war between the world's largest home, Adani Ports led the Nifty gainers, rallying 4.1%, followed by Bajaj Finance , which rose 2.6%. JSW Steel shares fell 6% following a Supreme Court ruling that deemed the company's resolution plan for Bhushan Power & Steel (BPSL) as "illegal".
