The markets on Monday ended marginally greater right after stocks pared their gains due to the fact of weak cues from the Asian markets. The rise of crude oil rates right after geopolitical tensions in the Gulf also created investors dump risky assets. The Nifty rose 18.1 points (.12%) to close at 14,956.2 although the Sensex gained 35.75 points (.07%) to 50,441.07.
The markets witnessed a sturdy opening, but fell on promoting stress right after the markets took cues from their Asian peers. The markets have been reacting to the surge in crude oil rates right after the geopolitical conflict in the West Asia. This created investors jittery as it sparked fears of a rise in inflation. This offset the optimism in the international markets on the probably passage of a $1.9-trillion fiscal stimulus in the US.
Deepak Jasani, head – retail analysis, HDFC Securities, stated: “Asian shares broadly reversed course to trade lower as higher crude oil prices raised inflation worries and offset optimism over the passage of a $1.9-trillion US stimulus bill.”
Brent crude was trading at $69.62 per barrel on late Monday evening.
Stock markets in South Korea, Hong Kong and China declined by 1% to 2.3%. The markets in the UK, France, and Germany have been up among .06% and 1.2%.
Domestic markets have been dragged by the promoting in financials whereas index heavyweight Reliance Industries as properly as IT stocks supported the industry.
Foreign portfolio investors purchased stocks worth $750.02 million in March so far. On Friday, they sold stocks worth $246.9 million. The flows from foreign portfolio investors have been impacted on account of enhanced volatility in the stock markets right after bond yields globally have began seeing a spike. This is unlikely to trigger a big selloff in the Indian markets, according to authorities.
The most significant gainers on the Nifty have been Tata Motors, M&M, Wipro, Adani Ports and SEZ, and Hero Motocorp, up by 5.16%, 4.58%, 4.49%, 4.09%, and 4.02%. The most significant losers have been ONGC, HDFC, Dr Reddy’s Laboratories, Powergrid Corporation and Coal India, down by 2.56%, 1.19%, 1.01%, .64% and .45%.