Finance
Following international trends, Indian stocks saw a slight increase on Saturday. The BSE Sensex opened 326.56 points, or 0.46 percent, higher at 72,009.80, while the Nifty added 83.80 points, or 0.39 percent, higher at 21,706.20.
Due to a public holiday in Maharashtra and the Central government’s half-working day on the occasion of the opening of the Ram temple in Ayodhya, the equity market is closed on Monday. It is open for trading in full on Saturday.
The benchmark indices appear to have lagged the mid-week decline, which is a noteworthy indicator. At 11 a.m., Nifty gained 43.25 points, or 0.20 percent, at the 21,662.10 mark, while Sensex gained 134.79 points, or 0.19 percent, at the 71,818.02 mark.
Benchmark indices around Asia-Pacific, particularly in South Korea, Japan, and Australia, surged higher following global cues and the green trading of chipmaker shares. The massive semiconductor manufacturer TSMC saw gains in its shares in Taiwan and the US of 5% and 10%, respectively.
Due to lower-than-expected quarterly results, negative financial, banking, and IT sectors drove this week’s decline in the Indian benchmarks. Following the collapse of HDFC Bank shares, Axis, SBI, and IndusInd bank share prices also fell.
The ongoing tensions in West Asia and concerns about China’s economy following GDP figures that were lower than anticipated contributed to a weekly increase in oil prices. This week, WTI and Brent futures increased by 1% and 0.5%, respectively. On Saturday, Brent oil futures settled lower at 0.50 points, 0.63 per cent at $78.60 at 10:45 AM IST. WTI oil futures maintained flatline at 0.52 points, or 0.70 per cent at $73.43.
Following this week’s market decline, investors resumed purchasing stocks, which led to historically high levels for US markets this week. The market also responded to a rise in tech shares and a decline in inflation forecasts. The S&P 500 closed at an all-time high of 4,839.81, or 1.23 percent, breaking its record set in 2022. The NASDAQ gained 255.32 points, or 1.70 percent, to 15,310.97, while the Dow Jones Industrial Average (DJIA) increased 395.19 points, or 1.05 percent, to 37,863.80. Fed representatives, however, have been resisting calls for a rate cut this week.
After seeing declines in the last three sessions, both the Sensex and Nifty ended the losing run on Friday. On Friday, the Nifty gained 160.15 points, or 0.75 percent, to close at 21,622.40, while the Sensex concluded the day trading at 496.37 points, or 0.37 percent higher at 71,683.23.
Source:IE
