Kolkata: 

Significantly, despite the heightened tension along the India-Pakistan border following India’s missile attack on terror sites in PoK (Pakistan occupied Kashmir) and Pakistan, the Indian markets ended the session in the green. Sensex 30 rose 105.71 points or 0.13% to end the day at 80,746.78 points while Nifty 50 ended at 24,414.40 points, up 34.80 points or 0.14%.

Indian stock market indices Sensex 30 and Nifty 50 opened in the green on Thursday, May 8, but later displayed volatility quite similar to what the indices did on Wednesday morning.  However, when trading began on Thursday, both indices seemed to shake off the tentativeness expected after the intensification of geopolitical tension along the Indo-Pak border after India struck terror camps in Pok and Pakistan. As trading began at 9:15 am, BSE Sensex stood at 80,861.51 points, up 114.73 points or 0.14%, while Nifty was trading at 24,427.45 points, up 13.05 points or 0.053%.

Triggers for the equity market

Analysts maintained that the market on Thursday will be under three-four triggers — watch on the possibility of escalation of conflict on the border, the US Fed rate cut (which did not happen), development on the US tariff front and possible FII action. Also the Indian rupee fell significantly on May 6 and 7 against the US Dollar. However, on May 8, the rupee rose 16 paise to touch 84.61 against US dollar in early trade. A little later the gain of the rupee expanded to 23 paise, which was attributed to the US Fed keeping key policy rates unchanged.

Prominent gainers and laggards

From the Sensex stable the major gainers included Tata Motors, Power Grid, Kotak Mahindra Bank, Axis Bank, Adani Ports, IndusInd Bank, Bajaj Finance and SBI. Among the major laggards were ITC, Maruti, HDFC Bank and Reliance Industries. Foreign Institutional Investors (FIIs) bought equities worth Rs 2,585.86 crore on Wednesday, according to exchange data.

Moderate rise for Asian markets

On Thursday, major indices in Asia rose moderately. Japan’s benchmark Nikkei 225 inched up 0.2% in morning trading to reach 36,863.15, South Korea’s Kospi went up 0.3%  to touch 2,581.62, Hong Kong’s Hang Seng improved 0.8% to touch 22,864.74 and Shanghai Composite gained 0.8% to reach 3,342.66 points. Australia’s S&P/ASX 200 rose 0.2%.

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Rupee rises 23 paise to 84.54 against US dollar in early trade