Mumbai, First Published Mar 31, 2022, 9:56 AM IST
The Sensex on the Bombay Stock Exchange and the Nifty on the National Stock Exchange opened higher this morning on the back of positive international factors and falling crude oil prices.
Despite the failure of the talks between Russia and Ukraine, reports that the war is unlikely to escalate further, with international crude oil prices falling as low as $ 5 a barrel, and international factors such as the US releasing crude oil from its reserves, have given investors confidence.
In addition, foreign direct investors and foreign institutional investors have been investing heavily in the stock market for the past two days, giving confidence to investors. The Bombay Stock Exchange traded higher by over 700 points at the close of trading yesterday.
The Mumbai Stock Exchange and the National Stock Exchange were bullish before trading started this morning. At the start of trading, the Sensex was up 100 points at 58,789 on the Bombay Stock Exchange. At the National Stock Exchange, the Nifty was up 34 points at 17,532.
Of the 30 stocks in the Mumbai Stock Exchange, 25 are gainers, while Powergrid, HDFC, Reliance, Bajajpinserve and Infosys are down.
On the Mumbai Stock Exchange, Asian Paints, Axis Bank, Mahindra & Mahindra, Ultratech Cement, Bharti Airtel, Dr Reddy’s, HCL Tech and Bajaj Pinas were among the gainers.
Shares of automobile, metals, media, FMCG and financial services sectors are gaining ground in the Nifty. Shares of public sector banking, real estate and pharmaceuticals are down.
Vijaya Kumar, chief economic adviser at Geojit Financial Services, said: “The stock market crash caused by the war is known to be temporary, but the volatility remains.
In the market view, two aspects are in favor, with the dollar depreciating from 99 to 97.7 which has led to a positive trend in the international market. 2ndly foreign investors have started buying shares in Indian stock markets which has given confidence to the investors.
It is comforting to know that the United States is releasing crude oil in reserve to control petrol and diesel prices. “
Last Updated Mar 31, 2022, 9:56 AM IST