Sensex, Nifty Open Choppy Amid Weak Asian Cues; Volatility Rises

Mumbai, April 6: Indian stocks opened with a volatile start on Monday morning with most Asian markets trading in the red even after all benchmark finished in the green last Thursday. BSE Sensex traded lower by 395.25 points or 0.54% at 72,924.30 as of 9: 30 am, while NSE Nifty shed 109.20 points or 0.48% to 22,603.90.

US President Donald Trump said on Sunday that he had moved his deadline for Iran to allow ships to pass through the Strait of Hormuz by another 24 hours. Trump’s comment comes amid geopolitical tensions which could further escalate oil prices and dent risk appetite of emerging market stocks like India.

Sensex and Nifty updates

Nifty 50 traded flat, up just 0.14% at 22,744.45. While Nifty Next 50 advanced 0.79% to 62,445.70, Nifty 100 added 0.25% at 23,362.80 and Nifty Midcap 150 climbed 0.46% to 19,897.40, India VIX jumped 2.62% to 26.19, but Nifty Smallcap 50 declined by 0.13% to 7,635.65 and Nifty Smallcap 100 remained unchanged at 15,675.55.

Sectorally speaking, Nifty Auto zoomed 0.98% to 24,325.65, Nifty Metal spiked 1.29% at 11,604.25 and Nifty PSU Bank jumped 2.12% to 8,307.15 on signs of bargain hunting.
On the flipside, Nifty Pharma slipped by 0.61% to 21,675.80, Nifty Oil & Gas dropped 0.97% at 10,737.45 and Nifty Chemicals declined 0.45% to 25,464.35 on broad-based profit booking. Meanwhile, Nifty Bank traded higher by 0.57% at 51,840.15, Nifty IT gained 0.72% to 30,660.40.

Asian markets

Asian markets traded with losses across the board on Monday with Indonesia’s JSX Composite Index plunging 2.19%, led the losses. Most Asian indices traded in red such as Australia’s S&P ASX All Ordinaries Index and Shanghai Composite Index of China. The slight rise in Japan’s Nikkei 225 and India’s BSE Sensex supported the Asian markets to hold its fall further.

Rupee Strengthens Early

Indian rupee opened on a positive note on Monday, April 6. The rupee strengthened on Monday, carrying the last-week gains after the central bank intervened and attracted some dollar inflows from oil companies, analysts said. However, high oil prices and selling by foreign funds may limit the rupee’s upside.
Rupee opened at 93 against US dollar, a better level than its previous close of 93.10 on Thursday. Markets in India remained closed on Friday for Good Friday.

Sources:

• https://www.bseindia.com/index.html
• https://www.nseindia.com
• https://www.reuters.com/markets/asia/