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Sensex, Nifty see rebound after 3 sessions of losses amid oil price concerns, global tensions
Stock market today: The Sensex, Nifty recovery was expected to remain fragile due to elevated oil prices and renewed Middle East tensions.
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Indian stock market indices Sensex and Nifty saw a partial rebound at the open on Thursday, after three consecutive sessions of losses, though the recovery was expected to remain fragile due to elevated oil prices and renewed Middle East tensions.
GIFT Nifty futures were at 24,094 points as of 8 am, according to data cited in a Reuters report, signalling a positive start for the Nifty 50 index, which closed at 23,914.45 on Wednesday.
At 9:19 am on Thursday, BSE SENSEX was trading at 76,758.60, over 188 points up.
Nifty and Sensex fell about a per cent each over the past three sessions, pounded by increasing crude prices and a rise in global bond yields as investors sentiments stayed subdued amid the escalation in fighting between US and Iran.
"While investor sentiment has deteriorated after escalating tensions in the Middle East, the sharp decline has pushed the benchmarks closer to downside targets, with Nifty likely to find resistance near 24,000 levels," Reuters quoted as saying Ajit Mishra, senior vice president of research at Religare Broking.
Brent crude was little changed on Thursday, after U.S. President Donald Trump said the latest attacks on Iran would be short-lived, raising hopes of renewed Middle East hostilities easing. However, Brent traded at an elevated $96 per barrel, with markets assessing the impact of the renewed hostilities on energy supplies.
