Stock market in red amid india's diplomatic action against pakistan
The stock markets opened in red on Thursday, with the Sensex trading below 187.91 points and the Nifty below 46.45 points.Eight of the 13 major sectors declined at the open. The broader, more domestically focussed small-caps and mid-caps traded flat.
“Global cues are positive, FPI inflows are positive, earnings in pockets are positive and the Indian market breadth has turned decidedly positive. The overhang remains for the next 10 days to 15 days, the time it took in the previous two instances from the terrorist strike to the retaliatory Uri and Balakot strikes,” Ajay Bagga, market expert, told ANI.
“Diplomatic measures have been announced and the Indus Water Treaty related measures though significant, will require major infrastructure execution to make an impact on the ground,” he added.
On Wednesday, stock markets had extended their surge to seventh day, with Sensex jumping 520 points to close above 80,000 level for the first time in four months driven by strong gains in IT and auto shares.
The 30-share Sensex rose by 520.90 points or 0.65 per cent to settle at 80,116.49, the highest closing level since December 18. During the day, it surged 658.96 points or 0.82 per cent to 80,254.55.
The NSE Nifty rallied 161.70 points or 0.67 per cent to 24,328.95.
Among the Sensex firms, HCL Tech surged the most by 7.72 per cent after the firm posted an 8.1 per cent increase in consolidated net profit at ₹4,307 crore for March quarter 2024-25, mainly on account of large deals with a total contract value of about ₹25,500 crore.
Kotak Mahindra Bank, State Bank of India, Axis Bank, ITC and UltraTech Cement were also among the laggards, PTI reported.
This is a developing story. Stay tuned for updates.
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