Sensex rises 43 points, Nifty gains marginally amid crude surge

Indian benchmark indices ended marginally higher on Monday, with the Sensex gaining 43.27 points and the Nifty rising 13.15 points. Higher crude oil prices and geopolitical uncertainty tempered sentiment, while encouraging corporate earnings and weaker US jobs data provided support

Mumbai: Market benchmark indices ended marginally higher on Monday, with the Sensex climbing over 43 points and the Nifty ending flat, amid a spike in crude oil prices due to geopolitical uncertainties.

The 30-share BSE Sensex was up 43.27 points, or 0.06 per cent, to settle at 78,542.44. During the day, it hit a high of 78,676.98 and a low of 78,298.92, gyrating 378.06 points.

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The 50-share NSE Nifty went up marginally by 13.15 points, or 0.05 per cent, to end at 24,583.80.

From the Sensex pack, Titan, Bajaj Finance, Bajaj Finserv, Tata Steel, Asian Paints, and Infosys were among the major winners.

State Bank of India, Eternal, NTPC, ITC, and Tata Consultancy Services were among the laggards.

Brent crude, the global oil benchmark, jumped 1.10 per cent to USD 84.47 per barrel.

“Markets remained on a tight leash as uncertainty surrounding the Strait of Hormuz continued to temper risk appetite, even as encouraging corporate earnings lent support to broader sentiment,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

Globally, softer-than-expected US jobs data weakened the case for Fed tightening, shifting investor focus to upcoming US inflation readings for fresh direction on rates and bond yields, he added.

Foreign Institutional Investors (FIIs) bought equities worth Rs 480.24 crore on Friday, according to exchange data.

“Indian equity markets ended largely unchanged on Monday as rising crude oil prices and lingering uncertainty over developments in the Middle East offset optimism stemming from weaker-than-expected US jobs data, which reinforced expectations of a less restrictive Federal Reserve policy stance,” Ponmudi R, CEO – Enrich Money, said.

With key inflation readings due in both India and the United States later this week, investors largely remained on the sidelines, awaiting fresh macroeconomic cues, he added.

In Asian markets, South Korea’s KOSPI, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended higher.

Markets in Europe were trading on a mixed note.

US markets ended in positive territory on Friday.

On Friday, the Sensex dropped 455.59 points, or 0.58 per cent, to settle at 78,499.17. The Nifty dipped 65.35 points, or 0.27 per cent, to end at 24,570.65.