Stock Market: Despite weak global signals, the stock market opened in the green, Sensex gained about 500 points.

Mumbai, 10 April. Despite weak global signals due to ongoing tensions in West Asia, the Indian stock market opened in the green on Friday, the last trading day of the week. During this period, the main benchmarks of the domestic market, Sensex and Nifty, registered a gain of more than 0.50 percent. However, concerns still remain regarding the fragile two-week ceasefire agreement between the US and Iran. Meanwhile, BSE Sensex opened at 77,121.01, up 489.36 points or 0.64 per cent from its previous close of 76,631.65, while NSE Nifty50 opened at 23,880.55, up 105.45 points or 0.44 per cent from its previous close of 23,775.10. While the Bank Nifty index opened 360.55 points or 0.66 percent higher at 55,182.25.

However, till the time of writing the news (around 9.38 am), Sensex was trading at 77,129.47, up by 497.82 points or 0.65 percent, while Nifty50 was up by 159.85 points or 0.67 percent at 23,934.95. Broader markets outperformed key benchmarks as the Nifty Midcap 100 and Nifty Smallcap 100 indices gained over 1 per cent each. Sector-wise, Nifty Metals, Nifty Auto, Nifty Private Bank, Nifty Media, Nifty PSU Bank, Nifty Realty and Nifty Oil & Gas registered a gain of more than 1 percent. Apart from this, Nifty Pharma gained 0.14 per cent, while Nifty IT fell by more than 1 per cent.

In Nifty 50 pack, shares of Shriram Finance, Asian Paints, Axis Bank, Eicher Motors, ICICI Bank, M&M, Bajaj-Auto, Bajaj Finserv and SBI were seen trading with maximum gains. On the contrary, the biggest decline was seen in the shares of Infosys, TCS, Sun Pharma, HCLTech and Tech Mahindra. One market expert said, “The decline we have seen in stock markets may not seem that big compared to the changes and shocks in energy markets, but I think it reflects the view that energy prices are likely to come down. Our basic estimate is that energy prices will continue to gradually decline over the next three to six months.”

The expert further said that the impact of this may be that there may be some pressure on economic growth (growth) and a slight increase in inflation, but overall this environment will remain positive for the equity markets, especially as we move towards the upcoming earnings season, which we believe is going to be very strong. Experts said that 23,660 remains an important support level in Nifty. As long as the index remains above this, the bullish trend may continue and the path to 24,250 may open. However, if Nifty breaks below 23,660, gap filling may be seen, causing the index to fall to 23,200 levels.