• Source:JND

Stock Market Today: The domestic equity indices were trading lower in early trade on Friday as investors remained cautious amid de-escalation uncertainty at the Strait of Hormuz and volatile oil prices. At the time of writing, Nifty50 was trading at 24,196.65, down 132.70 points or 0.55 per cent. Sensex was quoted at 77,441.12, down 403.40 or 0.52 per cent.

In the early hours, banking and finance shares were down, but IT stocks traded green.

"The deescalation -escalation drama in West Asia continues with crude prices moving down and up in response. An important market trend amidst this crisis is that, despite this geopolitical tension, some markets are doing extremely well while others are performing poorly. South Korea and Taiwan are the star performers this year, with 71 per cent and 40 per cent returns YTD. These excellent returns have been generated by a few AI stocks," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

In contrast, India, impacted by the energy crisis, has delivered negative returns, with the Nifty posting a -6.96 % return YTD. An important trend in India is the outperformance of the broader market, he added. 

In the early hours, banking and finance shares were down, but IT stocks traded green. Meanwhile, Foreign fund outflows and a weak trend in global markets further dented investor sentiment.

Top Gainers and Losers

Mahindra & Mahindra, HDFC Bank, Axis Bank, Bajaj Finance, Eternal, and Tata Steel were among the top Sensex losers. On the other hand, Asian Paints, Adani Ports, Tech Mahindra, and HCL Tech were trading higher.

Crude was trading above the $100 level. In early hours, Brent crude, the global benchmark, was at level of  $101 a barrel.


Also In News