Midday: Sensex, Nifty Give up Early Gains, Turn Red 

Mumbai, April 16: Indian stock markets slipped into red during mid-session on Thursday with the BSE Sensex down 241.12 points (0.31%) at 77,870.12, and NSE Nifty declining 67.75 points (0.28%) at 24,163.55 following bouts of profit booking amid intermittent volatility.

The Indian markets which opened sharply higher traded in positive territory for most of early session led by good purchasing in financial and oil & gas stocks but sentiment turned jittery thereafter as investors remained cautious amid renewed war concerns in Middle East despite hopes mounting that the Israel-Iran conflict could soon be resolved diplomatically.

Gainer Stand Ground

Hindalco remained the standout gainer, touching a high of ₹1,048.70 and trading at ₹1,042.65 — up 3.08% over its previous close of ₹1,011.45 during midday. Trent ₹4,024.70 up 1.17% after hitting a high of ₹4,095.30, Adani Enterprises was at ₹2,167.70 up 1.09% and BEL at ₹452.15, up 1.01%. L&T ₹4,109.40, up 0.81%, during midday.

Laggards

Apollo Hospitals was at ₹7,520 somewhere in midday, down 1.60%, after touching a low of ₹7,515. It was one of the biggest laggards during midday, followed by HDFC Bank which was at ₹797.60, down 1.52%, touching a low of ₹797.30 on heavy volumes during the midday. ONGC was trading at ₹283.35, down 1.48%. Titan was at ₹4,455.40 down 1.48% and Sun Pharma ₹1672.00 down 1.45% are other laggards during midday.

Iran War May End Soon: Pakistan Mediator Visits Tehran

Investors appear to be cautiously optimistic on Thursday that the war in Middle East may finally be ending after Pakistan’s top mediator visited Tehran overnight and US President Donald Trump sent mixed signals on prospects for diplomacy by saying there was “a very good chance” Washington would reach a deal with Iran to re-open the strategic Strait of Hormuz to shipping. Trump tweeted that Israel and Lebanon were meeting to discuss a ceasefire in Lebanon.

Separately, Iranian Deputy Foreign Minister Abbas Araghchi said Iran had made a proposal “allowing the ships to leave from the Omani side of Hormuz Strait freely” if a deal was reached with US. Since Washington ordered Iranian oil supplies stopped two weeks ago, throughputs at the world’s most important oil chokepoint have dwindled dramatically, slicing around 1 million barrels per day off global supply shipments.

Asian Shares Hit Record Highs

Asian shares jumped to fresh record highs on Thursday as upbeat comments from President Donald Trump about negotiations to end the Iran war and allow oil tankers to pass through the Strait of Hormuz boosted global risk appetite. Regional shares added to strong gains in US shares overnight with MSCI’s broadest index of Asia-Pacific shares outside Japan hitting a fresh record high. The index rose 0.2% for a tenth straight session of gains. Japan’s Nikkei climbed 0.6%, also to a fresh record high, while Shanghai stocks were up about 0.3%.

Oil Prices Slide Amid Iran War Ceasefire Hopes

Oil prices fell for a second session on Thursday after Iran proposed shipping vessels could leave the Gulf through Hormuz Strait safely if Washington agrees to deal, triggering optimism that four weeks of US-Iran tensions will soon ease after weeks of fears over potential military conflict. Brent crude futures fell $94.49 a barrel, down 37 cents, or 0.4%, while US West Texas Intermediate crude slipped $90.59, down 34 cents, or 0.4%. If tensions ease significantly around Strait of Hormuz through which passes around fifth of global oil supplies and LNG shipments the risk premium should start coming off oil prices bringing relief to India’s soaring energy inflation.

Source: 

• https://www.bseindia.com
• https://www.nseindia.com/market-data/top-gainers-losers