Stock market today: BSE Sensex opens over 100 points up, NSE Nifty50 trades above 23,000
Dalal Street began Friday on a positive note after suffering one of its sharpest one-day declines in 10 weeks. BSE Sensex opened over 100 points higher while NSE began trading above 23,000. However, the gains remain limited due to rising crude prices and elevated global bond yields.BSE Sensex was up 155.82 points, or 0.21%, at 73,736.36, while NSE Nifty 50 gained 32.60 points, or 0.14%, to 23,095.70.GIFT Nifty futures pointed to an optimistic opening for the benchmark indices, trading at 23,103, up 5.5 points or 0.02%.The broader weekly trend also remained weak. This week, NSE Nifty 50 has already fallen 1.2% so far, while the Sensex is down 1%, leaving both indices on course for a seventh consecutive weekly decline. In the previous session, Sensex plunged 1,247.71 points to close at 73,580.54, while NSE Nifty tumbled 383.70 points to 23,063.10.Investor concerns have centred on the potential impact of the Middle East war on inflation and interest rates across global markets.Crude prices eased marginally on Friday but continued to trade at a high level of around $106 a barrel. Markets were assessing the possibility of a US-Iran truce alongside the bombing of Saudi Arabia by Houthi rebels.The rise in oil prices has also pushed the yield on US 30-year bonds to its highest level in more than two decades, adding to the pressure facing markets.India remains particularly exposed to higher crude prices as the world’s third-largest crude importer. An increase in oil costs raises the country’s import bill, adds to inflation concerns and weighs on corporate profitability. Foreign investor activity has also weighed down Indian equities. Provisional data showed that foreign investors sold Indian shares worth 50.27 billion rupees ($523.89 million) on Thursday.Meanwhile, US and Iranian negotiators in New York are discussing a phased route out of the war, which would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, Reuters reported, citing sources.
