Mumbai, April 17 (IANS) Domestic equity benchmarks opened on a flat note on Friday, but gained afterwards, after relief in global oil prices and US President Donald Trump’s ceasefire announcement between Israel and Lebanon.
Sensex opened at 77,976, down 12 points, or 0.02 per cent, while Nifty began the session up 30 points, or 0.13 per cent, at 24,165.
The indices traded mildly positive further, with the 30-scrip basket gaining 142 points or 0.18 per cent to 78,130 and the 50-share index adding 28 points or 0.11 per cent to 24,224 amid buying in FMCG, energy, and realty stocks.
HDFC Life, Wipro, Hindalco Industries, Bharti Airtel, and JSW Steel were among the top laggards in the early trading session.
Among broader indices, micro-cap and small-cap stocks led the momentum, with the Nifty Microcap 250 trading around 1 per cent higher and the Nifty Smallcap 250 rising about 1 per cent.
The US President has announced a ceasefire between Israel and Lebanon, which could ease geopolitical tensions. Earlier, he indicated that the conflict was nearing a close.
According to analysts, given prevailing global uncertainties and elevated market volatility, a cautious and selective investment approach is advisable.
“Initiating fresh long positions should ideally be deferred until the Nifty decisively breaks above and sustains the 24,500 level, which would signal improved sentiment and the potential for a more sustained bullish trend,” analysts said.
On the oil front, Brent crude futures declined by up to 1.4 per cent to $97.99 per barrel, while US WTI crude traded at $92.91, down around 2 per cent.
In global equity markets, Wall Street ended on a positive note, with the S&P 500 closing 0.26 per cent higher and the Nasdaq settling 0.36 per cent up.
In contrast, Asian markets traded in the negative zone, with Nikkei down 1 per cent, KOSPI lower by about 1 per cent, and Hang Seng slipping more than 1 per cent.
On Thursday, foreign institutional investors (FIIs) remained net buyers for the second straight session in India, purchasing equities worth Rs 382 crore. Meanwhile, domestic institutional investors (DIIs) booked profits, offloading equities worth over Rs 3,400 crore.
–IANS
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