Indian market jitters on Wednesday following Iran’s strike on US troops in Iraq. However as Trump says no casualties have been reported, the situation did not escalate more. The Nifty50 closed at 12,025.35-mark, down 27.60 points or 0.23 per cent. The broader index hit a low of 11,929.60, down 123.35 points. Sectorally, Nifty IT and FMCG indices gained 0.37 and 0.11 per cent, respectively at close. On the other hand, the Nifty Auto index closed 0.75 per cent lower. In the broader market, the S&P BSE mid-cap index inched 0.08 per cent higher at 14,873.91, while the S&P BSE small-cap index closed 0.18 per cent higher at 13,876.68 level.
Asian shares also tumbled on Wednesday as US-Iran tension escalated. Unlike yesterday Asian market steadied with gains in all the indexes. Japanese Nikkei rose more than 450 points while HongKong’s Hangseng index gained more than 290 points. The rebound was seen as a result of ease in the US-Iran tensions. After comments by U.S. President Donald Trump indicated the U.S. would hit Iran with new sanctions, but not respond militarily which is a hope for not a further conflict in the Middle East.
US market also rose overnight with easing tension with Iran. The Dow Jones Industrial Average gained 161.41 points, or 0.6% to close at 28,745.09. The Nasdaq Composite advanced 0.7% to 9,129.24. The S&P 500 climbed 0.5% to 3,253.05and hit an intraday all-time high. The US non- Farm payroll data is due on Friday this week.
US crude futures dropped on yesterday’s trade falling to $65/bbl. For today, Brent Crude oil is trading at $65.9/bbl while WTI sweet crude currently trades at $60.13/bbl.
Indian market also edges up today with a gap up opening at 12141 currently trading at 12146 levels. The broader Nifty50 index was trading above the crucial 12,150-level, up 133 points, or 1.1 per cent. All the Nifty sectoral indices were trading in the green. Nifty Metal and Nifty Bank indexes gained the most around 1.4% each. In the broader market, the S&P BSE MidCap index zoomed 173 points, or 1.1 per cent, and S&P BSE SmallCap index was up 152 points, or 1.1 per cent.
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