Mumbai (Maharashtra) [India], May 8 (ANI): The home fairness markets ended the week below strain on Friday as recent navy actions close to the Strait of Hormuz weighed on investor sentiment, main each benchmark indices to shut within the crimson.
The Nifty 50 index closed at 24,176.15, down 150.50 factors or 0.62 per cent, whereas the BSE Sensex settled at 77,328.19, declining 516.33 factors or 0.66 per cent.
Market specialists stated buyers turned cautious after renewed US-Iran navy tensions close to the Strait of Hormuz weakened hopes of a ceasefire and triggered revenue reserving in equities.
Vinod Nair, Head of Research, Geojit Investments, stated markets witnessed a risk-off session amid rising geopolitical considerations.
‘Markets witnessed a risk-off session following recent US-Iran navy motion close to the Strait of Hormuz, which weakened ceasefire hopes and triggered revenue reserving,’ he stated.
However, he famous that stability in crude oil costs round USD 100 per barrel and softer US bond yields proceed to help general market sentiment and the rupee.
‘Though the highway forward is barely bumpy, optimism round a doable diplomatic decision persists,’ Nair added.
He additional stated buyers proceed to concentrate on alternatives arising from beneficial company earnings, particularly in mid- and small-cap shares the place valuations stay engaging.
Sector-wise, market tendencies remained combined throughout the buying and selling session.
The Nifty IT index emerged among the many high gainers, rising 1.21 per cent, whereas Nifty FMCG gained 0.19 per cent and Nifty Media edged increased by 0.04 per cent.
Most different sectors witnessed promoting strain. Nifty PSU Bank declined greater than 3 per cent, whereas Nifty Metal fell 0.87 per cent. Nifty Auto slipped 0.29 per cent, and Nifty Pharma was down 0.10 per cent.
Crude oil costs remained in focus amid the continued tensions in West Asia. Brent crude costs once more moved above USD 100 per barrel on Thursday.
In the commodity market, treasured metals continued to rise. Gold costs gained 0.25 per cent to commerce at Rs 1,52,645 per 10 grams for twenty-four karat gold on the time of submitting this report. Silver costs additionally rose greater than 1 per cent to Rs 2,61,252 per kg on Friday.
Asian markets largely closed decrease amid cautious international sentiment. Japan’s Nikkei 225 index ended down 0.35 per cent at 62,613, whereas Singapore’s Straits Times index slipped 0.41 per cent to 4,921. Hong Kong’s Hang Seng index closed decrease by 0.92 per cent at 26,383, whereas Taiwan’s weighted index declined 0.79 per cent to 41,603.
Among main Asian markets, solely South Korea’s KOSPI index resulted in constructive territory with a marginal acquire of 0.11 per cent at 7,498. (ANI)