Stock in focus: Rajesh Palviya of Axis Securities recommends to buy, hold, and accumulate MCX today
Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, started Friday's trading day lower tracking their Asian counterparts due to concerns over a possible escalation in geopolitical tensions in the Middle East. Information technology (IT) stocks were also adversely affected by Infosys' post-earnings decline. The Nifty 50 fell by 183.55 points, begin trading at 21,812.30, while the Sensex fell by 591.21 points, kicking off at 71,898.32.
Nine of the Nifty 50 firms saw rise, while a staggering 41 saw declines, reflecting the gloomy mood of the market. BPCL, Bajaj Auto, Infosys, and Axis Bank were the noteworthy lossers among the Nifty 50 companies, while gainers were ONGC, Apollo Hospital, ITC, Bharti Airtel, and HDFC Bank. Also Read: Sensex Today Live Updates : Sensex down 500pts, Nifty down 150 pts at 21,840, as Iran-Israel tension escalates According to Dr.
V K Vijayakumar, Chief Investment Strategist of Geojit Financial Services, the markets have been rattled by reports of a probable rise in Iran-Israel conflict. Increased anxiety in the equity markets is reflected in the notable downturn in Asian markets and the dramatic declines in US futures. The bond markets also provide challenges.
Yesterday saw significant FII selling that reached ₹4,260 crores due to the sudden increase in US bond rates. In the near future, further FII selling is likely to occur, which will increase pressure on largecaps. Investors could hold off until the geopolitical situation becomes more clear.
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