Mumbai : In a special trading session held on Saturday, the Indian stock market continued its winning streak, showcasing minor gains in line with global cues. The BSE Sensex opened 326.56 points, or 0.46 percent up at 72,009.80, while the Nifty rose 83.80 points, or 0.39 percent, reaching 21,706.20.
The equity market operated in a full session on Saturday and will remain closed on Monday due to a public holiday in Maharashtra and the Central government observing a half-working day on the occasion of the inauguration of the Ram temple in Ayodhya.
Indications suggest that the benchmark indices have rebounded from the mid-week fall. At 11 am, the Sensex edged 134.79 points, or 0.19 percent higher at the 71,818.02 mark, with Nifty gaining 43.25 points, or 0.20 percent, at 21,662.10.
Benchmark indices in Asia-Pacific, particularly in Japan, South Korea, and Australia, rallied higher on global cues, with shares of chipmaking companies trading in the green. TSMC, the chipmaker giant, gained 5 percent and 10 percent in Taiwan and the US, respectively.
This week’s slide in the Indian benchmarks was led by weakness in the financial, banking, and IT sectors following lower-than-expected quarterly results. HDFC Bank’s shares witnessed a decline, followed by falls in the share prices of Axis, SBI, and IndusInd Bank.
Oil prices experienced a weekly gain due to prevailing tensions in West Asia and Chinese growth concerns after below-expected GDP numbers. Brent and WTI futures gained 0.5 percent and 1 percent, respectively, this week. On Saturday, Brent oil futures settled lower at 0.50 points, or 0.63 percent, at $78.60, while WTI oil futures maintained a flatline at 0.52 points, or 0.70 percent, at $73.43.
US markets witnessed unprecedented highs this week as investors returned to buying equities after the market tumble. The market also reacted to cooling inflation expectations and a rally in tech shares. S&P 500 closed at an all-time high of 58.87 points, or 1.23 percent, at 4,839.81, breaking its 2022 record. Dow Jones Industrial Average (DJIA) advanced 395.19 points, or 1.05 percent, to 37,863.80, followed by NASDAQ gaining 255.32 points, or 1.70 percent, at 15,310.97.
Meanwhile, Fed officials continued to push back on rate cut hopes this week. Both Sensex and Nifty snapped the losing streak on Friday after witnessing a fall in three consecutive sessions. Sensex ended Friday’s trade 496.37 points, or 0.37 percent higher at 71,683.23, whereas Nifty gained 160.15 points, or 0.75 percent, at 21,622.40.
