Share Market Live Updates: After the disturbance in the Indian stock market over the past few days, investors received some relief today, Friday. Following Thursday’s historic decline and a weak start this morning, Dalal Street has seen a spectacular recovery from its lows.
Despite the sell-off in the IT sector, the Nifty has once again crossed the crucial 25,500 mark. This market recovery amid global tensions and rising crude oil prices is boosting investor confidence. Let’s take a closer look at how the market performed in today’s trading session and which sectors bolstered investors’ hopes.
Today’s Market Movement
After Thursday’s tsunami-like fall, the market remained in a state of panic this morning. The Sensex fell more than 200 points in early trading, and the Nifty slipped below the 25,450 level. But as the day progressed, buying in banking and infrastructure stocks changed the market mood.
Around 10 am, the BSE Sensex was trading at 82,658.40, up 160.26 points, or 0.19%. The National Stock Exchange’s Nifty 50 index also rose 54.45 points to 25,508.80. It’s worth noting that the market was in a tailspin on Thursday, with the Sensex closing down by nearly 1,236 points.
Which stocks are taking off
Today’s market is presenting two distinct scenarios. While government and energy stocks are rising, IT and pharmaceutical stocks are under heavy selling pressure. The IT sector has been hit the hardest today, with the Nifty IT index falling by nearly 1.5%. Experts say uncertainty over US interest rates and profit-booking in technology stocks have dampened the luster of IT companies.
Global Market Pressure
International factors are the primary reason behind this volatility in the Indian market. Escalating tensions between the US and Iran have spooked markets worldwide. US markets closed in the red on Thursday, with the Dow Jones Industrial Average falling 267 points to 49,395. This impact was also evident in Asian markets today, with Japan’s Nikkei and China’s Shanghai Composite falling by 1%.
The war situation has also fuelled crude oil prices, a major concern for an import-dependent country like India. This is why energy stocks like ONGC and Coal India are seeing a surge today, as rising oil prices are expected to boost these companies’ profits.
