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Business News/ Markets / Live Blog/  Market Close Highlights : Benchmark indices close down more than 1%, Sensex at 74,244, Nifty at 22,520
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Market Close Highlights : Benchmark indices close down more than 1%, Sensex at 74,244, Nifty at 22,520

28 min read . Updated: 12 Apr 2024, 03:44 PM IST
Pranay Prakash

Market Close Highlights : Foreign institutional investors (FIIs) net bought shares worth ₹2,778.17 crore, while domestic institutional investors (DIIs) purchased ₹163.36 crore worth of stocks on April 10, provisional data from the NSE showed.

Market Close Highlights : The NSE F&O ban list for April 12 includes Balrampur Chini Mills, National Aluminium Company, Exide Industries, Hindustan Copper, Vodafone Idea, India Cements, SAIL, and Zee Entertainment Enterprises. (Photo: HT)Premium
Market Close Highlights : The NSE F&O ban list for April 12 includes Balrampur Chini Mills, National Aluminium Company, Exide Industries, Hindustan Copper, Vodafone Idea, India Cements, SAIL, and Zee Entertainment Enterprises. (Photo: HT)

Market Close Highlights : European stocks rallied the most in a month as simmering Middle East tensions pushed commodities higher and the prospect of euro-area interest-rate cuts boosted sectors sensitive to borrowing costs. The common currency tumbled.

The Stoxx 600 index advanced 1.1%, with mining, energy and technology stocks leading the gains. Brent climbed above $90 a barrel as traders watched how Iran might respond to a deadly attack on its diplomatic compound in Syria last week. Gold hit a record near $2,400 an ounce. Base metals extended a rally on increased supply risks and an improving outlook for demand.

US equity futures were steady following strong gains on Wall Street. Relief that producer-price figures out Thursday didn’t contain fresh bad news on the inflation front helped spur a 1.7% jump in the Nasdaq 100, while the S&P 500 climbed 0.7%.

The euro dropped to the weakest level against the dollar in five months Friday as expectations grow that the European Central Bank will start unwinding its unprecedented interest-rate hiking campaign in June, well before the Federal Reserve begins easing because of stubborn US inflation. Markets are pricing three rate cuts in the euro zone this year and fewer than two by the Fed.

The 10-year Treasury yield fell about four basis points Friday, retracing some of the 22 basis-points surge in the previous two sessions. Data Thursday showed US producer prices in March increased less than forecast, after consumer-price growth exceeded forecasts earlier in the week.

Market focus will shift to corporate earnings later as major banks including JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. kick off the first-quarter US reporting season. Investors will be closely watching banks’ outlook and commentary around key profit drivers like net interest income and investment banking.

As the US reporting season gets underway, Wall Street projects S&P 500 members will show 3.8% annual growth in earnings per share for the first-quarter, data compiled by Bloomberg Intelligence show. Profits for the “Magnificent Seven" cohort — Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc., Nvidia Corp., Meta Platforms Inc. and Tesla Inc. — are on course to rise 38% in the first quarter, according to BI.

In commodities, oil resumed gains as Israel braced for a potential strike by Iran or its proxies, while gold rallied and silver hit the highest in more than three years on the Middle East tensions.

Iron ore headed for its best week in two years on speculation that China’s economy may be on the mend, buoying the outlook for demand. A rally in industrial metals strengthened, with zinc rising to a one-year high on increased risks to supply. Copper hit the highest since June 2022 on an improved outlook for global demand, aluminum was on course for a fifth weekly climb, and tin was up 11% since last Friday’s close.

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