Detailed Information:
- Market Performance: The Indian equity market witnessed a downward trend on Friday, with both the Sensex and Nifty trading in the red. The Sensex slipped by 800 points, while the Nifty fell below the 22,500 mark.
- Nifty Midcap Index: Despite the overall downward trend, the Nifty Midcap index continued to perform well, flirting with record highs and surpassing the 50,500 mark.
- Current Indices Values: At the start of the trading session, the Sensex was trading at 74,927.54, down by 105.18 points (0.15%), while the Nifty was at 22,713.75, down by 40.50 points (0.17%).
- Reasons for Sluggish Start: The sluggish start of the market was attributed to hotter than expected US inflation data. The US reported inflation at 3.5%, exceeding Wall Street estimates of 3.4%. This raised concerns about the possibility of monetary easing by the Federal Reserve, impacting global markets.
- Impact on Indian Rupee: The Indian rupee opened weaker against the US dollar, trading at 83.36 compared to the previous close of 83.18. The dollar index, which measures the US dollar against a basket of six major currencies, also saw a slight increase.
- International Crude Oil Prices: International crude oil prices edged higher due to heightened tensions in the Middle East. Brent crude futures rose by 0.58% to $90.26 a barrel, while U.S. West Texas Intermediate crude futures increased by 0.73% to $85.64 a barrel. The rise in oil prices was attributed to Iran’s vow to retaliate against a suspected Israeli air strike on its embassy in Syria.
- Overall Market Sentiment: The Brent crude oil price remained near the $90 per barrel mark, reflecting ongoing concerns about geopolitical tensions and their impact on global oil supply.
