The Indian stock market made a strong start on Friday (March 20), where after a week’s heavy fall, the market saw a comeback. The Bombay Stock Exchange (BSE) Sensex jumped more than 800 points to 74,850.96 in early trade, while the National Stock Exchange (NSE) Nifty rose more than 200 points to 23,213.05.
As soon as the market opened, a rise of up to 1% was seen in the IT, metal and pharma sectors, which strengthened the confidence of investors. Pre-open signals also showed positive signs of the market, where GIFT Nifty was seen trading with slight gains in the range of 23,100-23,200.
However, in the last trading session i.e. on March 19, heavy selling was seen in the market. The Sensex fell 2,497 points to close at 74,207, while the Nifty fell 775 points to close at 23,002. This fall was considered to be the biggest one-day fall after June 2024.
The trend of Asian markets was mixed. Japan’s market was closed for a holiday, while South Korea’s Kospi rose 1% and Kosdaq rose about 0.94%. Australia’s S&P/ASX 200 index was seen trading with a slight decline of 0.27%.
Globally, increasing tensions in West Asia have increased the concern of investors. The conflict between America and Iran is continuously deepening. The situation has worsened after the recent joint US-Israeli strikes killed Iran’s top leadership. In response, Iran has launched missile and drone attacks in several areas, including Saudi Arabia, Kuwait, Israel and Jordan.
This conflict has also affected the energy market. About 17% of global LNG supply is expected to be affected after the Iranian attack on a major gas plant in Qatar, which could increase market volatility. Weakness was also seen in American markets. On March 19, the Dow Jones closed down 0.44% at 46,021.43, while the S&P 500 and Nasdaq closed down 0.27% and 0.28%, respectively.
Talking about the commodity market, there has been a slight softening in the prices of crude oil. US WTI crude fell about 1.2% to around $94 a barrel, while Brent crude traded near $108 a barrel.
At the same time, gold prices remain high. In the international market, gold is trading at $ 4,648 per ounce, while in India on MCX, gold reached Rs 1,43,844 per 10 grams.
If we look at the activities of investors, on March 19, foreign institutional investors (FIIs) sold Rs 7,558 crore, while domestic institutional investors (DIIs) supported the market by buying Rs 3,864 crore.
Overall, today’s rise in the Indian market amid global uncertainties has brought relief to investors, but the situation in West Asia and global cues will decide the future direction.
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