The Indian Stock Market on Monday begin with losses amid the uncertainty over the US-Iran talks over the war leading to surge in the crude oil prices. GIFT Nifty traded higher indicating a mildly positive start for Indian markets.
However, the market recovered with minor gains as at 9:27 AM, Sensex was up 139.36 points, or 0.18%, at 78,632.90, while the Nifty 50 up 37.95 points, or 0.16%, at 24,391.50.
Among the sectors, all the indices were trading lower after opening, barring Nifty Bank and Media. On Nifty, the key gainers were ICICI Bank, Trent, Adani Enterprises, L&T, while losers were Jio Financial, Bajaj Finance, Bajaj Finserv, Bharat Electronics, Bajaj Auto.
GIFT Nifty was trading around 24,470, up about 50 points or 0.2 percent, suggesting the Sensex and Nifty may open with modest gains.
The price of US crude oil increased 6.4% to $87.88 per barrel after trading resumed on the Chicago Mercantile Exchange. The price of Brent crude, the international standard, climbed 6.5% to $96.25 per barrel. US President Donald Trump on Sunday said that American forces had seized an Iranian cargo ship attempting to breach its blockade.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited on the market pre-open said, "A significant trend in the market now is the outperformance of the broader market. Nifty Midcap and Nifty Smallcap indices are back to pre-war levels. This is in contrast to Nifty which is still 4% below pre-war levels. Market is responding positively to good results from the broader market space. Even with the uncertainty of the West Asia tensions weighing on the market, particular stocks will respond to good results, particularly when the results beat expectations."
"With the deescalation- escalation drama in the West Asian conflict continuing, the market will remain volatile in the near-term. With Iran hardening its position again, closing the Strait of Hormuz and threatening to retaliate to US’ seizure of an Iranian ship ‘violating the US blockade’, there is potential for flare up of the conflict when the ceasefire ends on 22nd April. However, the market signals do not reflect renewed concern and flare up of the conflict. Even though Brent crude has spiked back to $ 95 levels from below $90 on Friday, there is no panic in the crude market."
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