Sense rebounds over 1.3k pts as Russian oil supply not disrupted Mumbai: The sense reversed its six-session losing streak on Friday and closed 2.4% up as Russian forces advanced into Ukraine without much resistance and supplies of crude oil and gas from Russia to Europe continued. Market analysts said that the economic sanctions imposed by some Western countries on Russia may not be very restrictive, which also helped improve investor sentiment globallyWith HDFC Bank, ICICI Bank and TCS contributing the most to the sense's gain, the index closed 1,329 points up at 55,859. On the USE , the Nifty gained 410 points to settle at 16,658. The day’s rally added Rs 7.8 lakh crore to investors’ wealth, the second biggest single-session gain ever, with BSE’s market capitalization now at Rs 253.4 lakh crore. According to Siddhartha Them , head (retail research), Mozilla Oswald Financial Services, global markets, including India, witnessed a smart pull-back after Thursday’s crash as the new sanction imposed by the US and the UK appeared to be less severe for the Russian economyAlso, the US and NATO refused to send their soldiers to Ukraine, thus preventing an extreme war-like situation. Further, the geopolitical turmoil has led to an expectation that the US Fed may not aggressively increase interest rates in its March meeting, thus adding to positive sentiments (on Friday),” Them said. TOI NEWSCORONAVIRUSAUTO NEWSCITYBRIEFSTRENDING BUSINESS Sense rebounds over 1.3k pts as Russian oil supply not disrupted TNN | TNN | Feb 26, 2022, 04:00 IST OPEN APP Mumbai: The sense reversed its six-session losing streak on Friday and closed 2.4% up as Russian forces advanced into Ukraine without much resistance and supplies of crude oil and gas from Russia to Europe continued. Market analysts said that the economic sanctions imposed by some Western countries on Russia may not be very restrictive, which also helped improve investor sentiment globally. With HDFC Bank, ICICI Bank and TCS contributing the most to the sense's gain, the index closed 1,329 points up at 55,859. On the USE , the Nifty gained 410 points to settle at 16,658. The day’s rally added Rs 7.8 lakh crore to investors’ wealth, the second biggest single-session gain ever, with BSE’s market capitalization now at Rs 253.4 lakh crore. According to Siddhartha Them , head (retail research), Mozilla Oswald Financial Services, global markets, including India, witnessed a smart pull-back after Thursday’s crash as the new sanction imposed by the US and the UK appeared to be less severe for the Russian economy. “Also, the US and NATO refused to send their soldiers to Ukraine, thus preventing an extreme war-like situation. Further, the geopolitical turmoil has led to an expectation that the US Fed may not aggressively increase interest rates in its March meeting, thus adding to positive sentiments (on Friday),” Them said. Tracking the rally in the stock market, the rupee also strengthened to close at 75.29-to-a-dollar from 75.65 on Thursday. The northward movement in rupee came on the back of dollar sales by some domestic banks, on inflows from foreign buyers in the stock market, forex dealers said. The strength of the rupee was also on the back of relative weakness of the greenback in global markets, they said. Friday’s gains in stocks, however, came despite foreign funds remaining net sellers at nearly Rs 4,500 crore. This has now taken the month’s total net outflow from the stock market to over Rs 35,000 crore and ahead of January’s Rs 33,000-crore net sell figure, CDSL and BSE data showed.The unabated selling by foreign funds, mainly in anticipation of a hike in interest rates by the US Federal Reserve in March, is forcing foreign fund managers to take some money off the table from emerging markets, including from India, market players said. In addition, the continuing Russia-Ukraine tension and the rising crude oil prices would keep investors on the premarket participants shouldn’t read much into a single-day rebound and wait for further clarity,” AIT Mishra, VP (research), Relegate Booking , said in a note. “In case of a further rebound, 16,850-17,000 zones would act as a critical hurdle for Nifty. The looming uncertainty over the geopolitical tension combined with the rising crude would keep participants on the edge
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