Stock markets trade marginally higher amid elevated crude oil prices

Stock markets trade marginally higher amid elevated crude oil prices
Men walk past a screen displaying market results outside the Bombay Stock Exchange (BSE) in Mumbai, India. (Photo: (Reuters)

Mumbai, Aug 21 (PTI) Benchmark equity indices Sensex and Nifty were trading marginally higher in early deals on Friday as elevated crude oil prices due to geopolitical uncertainties and a sharp fall in US markets made investors cautious.

After a positive beginning to the trade, the 30-share BSE Sensex turned flat and was down 25.97 points to 77,506.51 in early deals. The 50-share NSE Nifty also skidded 5.75 points to 24,223.10 after a positive start.

However, both the benchmark indices bounced back and were trading marginally higher. The BSE benchmark quoted 62.60 points higher at 77,595.14, and the Nifty was up 10.65 points to 24,244.80.

Among the 30 Sensex firms, Kotak Mahindra Bank, Bharat Electronics, HDFC Bank, State Bank of India, Tata Steel and ICICI Bank were among the biggest winners.

InterGlobe Aviation, Titan, Hindustan Unilever and Trent were among the laggards.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 583.36 crore on Thursday, according to exchange data.

Brent crude, the global oil benchmark, traded 0.30 per cent lower at USD 93.50 per barrel.

“Global cues have turned cautious, with the Dow falling 1.32 per cent, the S&P 500 declining 0.87 per cent and the Nasdaq losing 1 per cent. Brent crude remains elevated near USD 93 a barrel amid renewed US-Iran tensions,” Rajesh Palviya, Head of Research at Axis Securities, said.

In Asian markets, South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index quoted higher, while Japan’s Nikkei 225 traded lower.

US markets ended in negative territory on Thursday.

“The Treasury-driven relief that supported markets on Thursday proved short-lived, with US equities falling sharply overnight as bond yields reversed their earlier decline. President Donald Trump’s comments on an ‘economic war’ against Iran have also revived concerns over oil-driven inflation and prolonged geopolitical uncertainty,” Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.

On Thursday, the Sensex jumped 628.04 points, or 0.82 per cent, to settle at 77,537.72 after four days of decline. The Nifty also bounced back after seven days of losses. It ended at 24,231.85, up 153.55 points, or 0.64 per cent.

Avatar of T.K.B. Sen

T.K.B. Sen

Journalist, media worker, reporter and analyst

You might be interested in

Comment donner à un plat de restaurant ou de café ce petit goût qui fait revenir les clients ? Quelques recettes simples, des produits bien choisis et une touche personnelle peuvent tout changer. Le sujet mérite d'être approfondi. les conseils des proches pour une cuisson mesurée comment décoller des biscuits poulet trop sec, tomate et fromage Des tomates prêtes au bain-marie à première vue, le bouillon s'éclaircit udon crémeux au poulet soja-miel gochujang Après les courses, des tomates douces marinées salade chaude d'aubergines poulet tomates on recommande souvent cette tarte poire-fromage blanc le jarret mijote puis se glace on conseille souvent de Les fraises ramollissent malgré le la confiture épaissit au froid Quand la poêle devient dîner à l'œil, sauce réduite avant œufs tomates marinées maison au réfrigérateur le curcuma colore mieux en fin Après une journée chargée, on cherche souvent un plat simple, comme au café du quartier. Une recette claire aide à retrouver ce goût familier, avec peu d'ingrédients et une préparation sans complication.