Leader Online Desk: After the initial fall, the Indian stock market showed a strong recovery on Friday (19). Sensex rose 599 points to close at 73,088. Nifty rose by 151 points to settle at 22,147. There was a decline in the last 4 trading sessions. But this decline got a break in Friday's trading session and Sensex, Nifty ended higher. (Stock Market Closing Bell)
What is the situation on the regional front?
On the sectoral front, Banks and Metals indices gained 1 percent each and FMCG indices gained 0.5 percent. While health care, IT, power and realty declined by 0.3-0.6 percent. BSE Midcap closed down 0.3 percent while Smallcap closed down 0.4 percent.
…and the decline stopped
The markets today showed some effect of the Israel-Iran conflict. Israel attacked Iran in retaliation. This has increased geopolitical tensions in the Middle East. As a result, benchmark equity indices opened with losses for the fifth consecutive session on Friday. The Sensex was down around 600 points to 71,890 in early trade. While Nifty fell below 21,900. But then the Sensex rallied 1,100 points from the day's low. IT, Metals, Autos and PSU Banking stocks were the biggest sell-offs in the market.
Strong recovery in the market
Iran issued an official statement saying that there was no missile attack by Israel and that whatever explosions occurred were aimed at activating Iran's air defense system. The market bounced back after this news. Sensex and Nifty moved higher around 1:30 pm.
Which stocks are bullish?
Sensex opened at 71,999 today. After that it increased to 73 thousand. Bajaj Finance shares were the top gainers on the Sensex. The stock rose 3 percent to Rs 7,111. Along with this, shares of M&M, HDFC Bank, Maruti, JSW Steel, Wipro, Bharti Airtel, Bajaj Finserv, ITC, Tata Steel, ICICI Bank, Tech Mahindra also rose by 1-2 percent. While the shares of Nestle India, HCL Tech, LT, TCS, Tata Motors, Infosys fell.
Bajaj Finance, M&M, HDFC Bank, Maruti, JSW Steel were top gainers on Nifty. While Bajaj Auto, Nestle India, Divis Lab, HCL Tech and LT were the top losers.
20 thousand crores withdrawn by foreign investors
Foreign Institutional Investors (FIIs) have withdrawn around Rs 20 thousand crores from the Indian market in 4 trading sessions. In the wake of the Iran-Israel war and changes in the India-Mauritius tax treaty, foreign investors are seeing a sell-off. Sensex and Nifty saw pressure in early trade for the fifth consecutive session today. (Stock Market Closing Bell)
Infosys shares fell
Shares of IT services major Infosys fell 2 percent in today's trading session. The stock fell as low as Rs 1,379 in today's trading session. The shares then fell to Rs 1,412 in the afternoon session. Infosys reported revenue of Rs 37,923 crore for the quarter ended March 31, 2024. The profit was Rs 7,969 crore. But experts say Infosys' revenue is lower than expected. Against this backdrop, Infosys shares fell.
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