Markets Open Higher After Volatile Start; Iran Peace Talks, Ceasefire Deal Boost Sentiment

Mumbai, April 17: Indian stock markets opened higher on Friday morning after being extremely volatile at the start of the session with the BSE Sensex gaining 152.28 points or 0.20% to 78,140.96 and the Nifty 50 advancing 27.80 points or 0.11% to 24,224.55 as of 9: 22 am as fresh hopes of peace between Iran and Israel boosted investor risk appetite across Asia. A 10-day ceasefire between Lebanon and Israel agreed to by both countries kicked in Thursday, while US President Donald Trump indicated that the next round of talks between Washington and Tehran could happen over the weekend.

Major gainers on the Nifty 50 panel at the open of trade on Friday were ITC (up 2.09% to ₹309.75), Tech Mahindra (up 0.94% to ₹1,505), Maruti Suzuki (up 0.88% to ₹13,453), Adani Ports (up 0.88% to ₹1,563.50) and Trent (up 0.85% to ₹4,118.10).

ITC was the biggest gainer among the Nifty 50 companies at the open after surging 2.09% from its previous closing price of ₹303.40 to ₹309.75. Shares in the tobacco-to-software giant traded as high as ₹309.95 and as low as ₹303.85 at the open. Tech Mahindra advanced 0.94% from ₹1,491 to ₹1,505 at the open. Maruti Suzuki traded between ₹13,479 and ₹13,329 at the open, settling 0.88% higher at ₹13,453. The previous closing price of the auto giant was ₹13,335. Adani Ports moved between ₹1,565.90 and ₹1,549.20 at the open and climbed 0.88% to ₹1,563.50 in the morning trade. Trent reported a gain of 0.85% from Thursday’s closing price of ₹4,083.30 to ₹4,118.10. The consumer goods firm’s share price traded between ₹4,129.20 and ₹4,090 at the open.

Wipro was down 2.72% from ₹210.26 to ₹204.54 at the open and traded between ₹210.56 and ₹204.30. HDFC Life was among the biggest losers in the Nifty 50 stocks at the open, crashing 3.50% from its previous close of ₹631.50 to ₹609.40. The shares traded between ₹625 and ₹606.30 at the open. SBI Life fell 0.81% from ₹1,974.70 to ₹1,958.70 at the open, moving between ₹1,964.75 and ₹1,957.35. Hindalco lost 0.78% from ₹1,039.90 to ₹1,031.75 at the open with a range of ₹1,035.80 to ₹1,033.35. Bajaj Finserv dipped 0.57% from ₹1,829.90 to ₹1,819.50 at open after touching a high of ₹1,836.35.

The Middle East Conflict

A ceasefire between Lebanon and Israel agreed to by both countries went into effect Thursday, lasting 10 days. US President Donald Trump said on Thursday Iran had offered to not pursue nuclear weapons for more than two decades — one of the biggest hurdles preventing a deal being reached between Tehran and Islamabad. Later Thursday, Israeli and Lebanese ambassadors spoke for the first time in direct talks in more than 30 years in Washington, bolstering hopes for wider Mideast peace.

Asian Markets

Asian markets traded mixed on Friday as of writing. Japan’s Nikkei 225 fell 0.99% to 58,930.87 and the Hang Seng dropped 1.00% to 26,129.52, while Pakistan’s KSE 100 Index bucked the trend and rose 0.83% to 1,69,911.95. In the US, all three major benchmarks closed higher Thursday after surging during regular trading hours as investors cheered progress towards easing geopolitical tensions between Israel and Iran. The Dow Jones Industrial Average gained 0.24% to close at 48,578.72, while the Nasdaq Composite rose 0.36% to 24,102.70.

Crude prices fall

Brent crude prices tumbled in early trade Friday, falling $1.34 or 1.35% to $98.05 a barrel and US West Texas Intermediate dropped $1.65 or 1.74% to $93.40 as investors priced in expectations for a US-Iran deal later this weekend that could reopen the Strait of Hormuz shipping lane and end concerns over tight supply.

Markets were roiled throughout Thursday’s session as traders reacted to multiple headlines surrounding US-Iran peace talks. India’s BSE Sensex fell 122.56 points or 0.16% to close at 77,988.68 and the Nifty 50 dropped 34.55 points or 0.14% to settle at 24,196.75.

Source:

• https://www.bseindia.com/index.html 
• https://www.nseindia.com/