Both the benchmark indices, the Nifty and the Sensex opened lower by 0.8 percent on Friday, The Nifty opened at 23,991 and the Sensex opened at 76,852. However the Sensex tumbled over 700 points and IT stocks crashed in early trade after Accenture cutting its revenue guidance sparked investor concerns across the board about the future of the IT sector. Broader markets also traded weak and the rupee also opened marginally weaker by 2 paise at 94.35 against the US dollar. However the Indian stock markets had continued their winning streak for the fifth consecutive session on Thursday, with the Nifty ending above 24,160 in the previous session.
Speaking about how the markets traded higher earlier in the week, Vinod Nair, Head of Research, Geojit Investments Ltd told PTI, "thedomestic equitiestraded within a range, maintaining a positive bias as the initial optimism surrounding the US-Iran peace deal was tempered by hawkish remarks from the US Fed. Energy-driven inflationary pressures may prompt central banks to consider rate hikes in the latter half of the year, leadinginvestors to adopta cautious stance," and Ponmudi R, CEO of Enrich Money said, "The combination of easing geopolitical uncertainty and lower energy costs continued to underpin investor confidence, outweighing concerns stemming from the Federal Reserve's cautious policy outlook."
Asian markets traded mixed as investors have been keeping an eye on just how long will the US-Iran peace deal last, while some believe it can be sustained others are skeptical. Crude oil prices have declined nearly 1 percent, with Brent Crude trading below 80 dollars a barrel (at the time of filing this copy). Experts believe oil has witnessed choppy trade on Friday as investors have been analysing the implications of the US-Iran peace deal.
Shipping via the Strait of Hormuz has shown all signs of recovery and that has boosted sentiment across the board. However, OPEC had rejected forecasts that global oil demand will peak soon and therefore some experts are cautiously optimistic on oil demand and and rates going ahead.
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