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Business News/ Markets / Live Blog/  Sensex Today Live Updates : Sensex ends up 600pts, Nifty at 22,150; FS, Bank, FMCG gain, Pharma, IT down
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Sensex Today Live Updates : Sensex ends up 600pts, Nifty at 22,150; FS, Bank, FMCG gain, Pharma, IT down

21 min read . Updated: 19 Apr 2024, 03:41 PM IST
Pranay Prakash

Sensex Today Live Updates : Foreign institutional investors (FIIs) net sold shares worth ₹4,260.33 crore, while domestic institutional investors (DIIs) bought ₹2,285.52 crore worth of stocks on April 18, provisional data from the NSE showed.

Sensex Today Live Updates : Companies reporting results on Friday, April 19, include Wipro, HDFC Asset Management Company, Jio Financial Services, Hindustan Zinc, Elecon Engineering, and KP Green Engineering. (Photo: AFP)Premium
Sensex Today Live Updates : Companies reporting results on Friday, April 19, include Wipro, HDFC Asset Management Company, Jio Financial Services, Hindustan Zinc, Elecon Engineering, and KP Green Engineering. (Photo: AFP)

Sensex Today Live Updates : An escalation of tensions in the Middle East kept stock markets on edge, though haven assets including bonds and the dollar gave up some early gains after Iranian media appeared to downplay the impact of Israeli strikes.

Treasuries pared an early move that drove the 10-year yield as much as 14 basis points lower after Israel launched a retaliatory attack on Iran less than a week after Tehran’s rocket and drone barrage, according to two US officials.

Oil wiped out an earlier sharp jump above $90 a barrel and the dollar gave up some early gains. An Iranian military official signaled Tehran doesn’t feel compelled to react to the blasts which US officials say were caused by Israeli strikes, with semi-official Mehr agency quoting Army Commander-in-Chief Abdolrahim Mousavi saying Tehran has already reacted to Israeli threats.

“Markets tend to initially overreact," Nathan Sheets, global chief economist at Citigroup Inc., said in an interview with Bloomberg TV. “That overreaction reflects that uncertainty premium when it first erupts but typically these events end up being less disruptive than we feared they might be."

The latest moves cap a dismal week for markets after solid economic readings and hawkish Fedspeak reinforced speculation that US interest rates will remain higher for longer. The Stoxx Europe 600 index fell 0.7%, set for a third straight week of losses. Futures on the S&P 500 and Nasdaq 100 were down 0.5% and 0.8% respectively.

“Even in the absence of an escalation, the combination of mixed earnings and geopolitical headwinds this week have been a catalyst for crowded equity longs to unwind," said Viraj Patel, global macro strategist at Vanda Research.

As traders come to grips with a resilient US economy and sticky inflation, they’ve been forced to scale back bets on rate cuts this year. New York Fed President John Williams said while it isn’t his baseline expectation, even a rate hike is possible if warranted. His Atlanta counterpart Raphael Bostic said he doesn’t think it will be appropriate to ease until toward the end of 2024. The Fed may hold rates steady all year, Minneapolis Fed chief Neel Kashkari told Fox News Channel.

Among individual movers, Taiwan Semiconductor Manufacturing Co. dropped after the company revised down the revenue growth outlook for the chip industry, citing a softer recovery across smartphone and personal computer sectors. Infosys Ltd. slumped in the US after forecasting tepid sales growth for the year.

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