Market volatility continues on Tuesday, Nifty, Sensex turn red soon after opening with gains

Mumbai (Maharashtra) [India], March 17 (ANI): The domestic share markets continued their recovery this week, with both benchmark indices opening in the green on Tuesday and extending their upward movement.

The Nifty 50 opened at 23,493.20, gaining 84.40 points or 0.36 per cent, while the BSE Sensex opened at 75,824.17, up by 321.32 points or 0.43 per cent.

Market experts noted that despite continued foreign portfolio investor (FPI) selling, the markets showed resilience.

Ajay Bagga, banking and market expert, told ANI, "Indian markets saw FPI selling of over Rs 9000 crores in the cash equity segment on Monday. However, a last-hour surge took Indian markets into the positive zone on the back of strong performance by financials and autos. US markets finished in the green as technology shares got a boost from strong guidance from Nvidia. Asian markets opened in the green following the US lead. The RBA (Reserve Bank of Australia) has raised rates by 25 bps as expected."

He added, "Oil remains a crippling issue for the global economy. With the Iran war closing down the Strait of Hormuz, the supply of crude oil, derivatives, LNG, LPG all is constrained. Oil will stay higher for many months post the resolution of the Iran US conflict. That will be a dampener for the global economy."

In the broader markets on the NSE, all indices were trading in positive territory in early trade. The Nifty 100 gained 0.37 per cent, while the Nifty Midcap 100 and Nifty Smallcap 100 both surged by 0.49 per cent.

Sectorally, all indices were in the green, indicating broad-based buying. Nifty Auto rose by 0.43 per cent, Nifty FMCG gained 0.30 per cent, Nifty Media was up by 0.46 per cent, Nifty Pharma increased by 0.38 per cent, Nifty PSU Bank gained 0.50 per cent, and Nifty Metal surged by 0.55 per cent.

In commodities, gold prices showed a downward trend, declining to Rs 156653 per 10 grams for 24 karat compared to last week. Silver prices also declined and were currently at Rs 259160 per kg.

Meanwhile, Brent crude prices in the international market continued to rise, gaining 2.82 per cent to USD 103 per barrel.

On the institutional flow front, foreign institutional investors (FII) recorded net selling of Rs 9366 crore. Domestic institutional investors (DII), however, provided support with net inflows of Rs 12593 crore.

In other Asian markets, most major indices were trading in the green at the time of filing this report. Japan's Nikkei 225 rose by 0.29 per cent to 53908 levels, Hong Kong's Hang Seng gained 0.94 per cent to 26078 levels, Taiwan's Weighted index surged by 1.57 per cent to 33865 levels, and South Korea's KOSPI rallied by 2.63 per cent to 5695 levels.

In the US markets on Monday, all major indices closed higher. The Dow Jones gained 0.83 per cent to close at 46946 levels, the S&P 500 rose by 1 per cent to 6,699.38 levels, and the Nasdaq also climbed 1.22 per cent to 22374 levels. (ANI)

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