The April futures contract of the GIFT Nifty traded at 22,470, up 20.5 points or 0.09%.
Markets in the Asia-Pacific region fell sharply in early trade Monday on risk-off sentiment as geopolitical tension heightened after Iran’s attack on Israel over the weekend. Amid geopolitical conflicts, investors pull out their money from risk assets, and shift it to safe haven assets like dollar, US Treasuries and gold.
Indices in the US also ended lower Friday as investors shifted to the safest corners of the market from bonds to gold and the dollar amid geopolitical tensions.
The S&P 500 index and Nasdaq Composite fell by 1.46% and 1.62%, respectively, as on Friday. The Dow Jones Industrial Average declined by 1.24%.
Brent crude was down 0.31% at $90.17 per barrel and gold gained 0.42% to trade at $2,354.33 an ounce.
India’s benchmark stock indices erased earlier losses to close little changed on Friday, led by gains in rate-sensitive realty and banking stocks after the Reserve Bank of India kept the rate unchanged at policy. This helped the indices clock their third weekly gain.
The NSE Nifty 50 settled 10.85 points, or 0.048%, higher at 22,525.50, and the S&P BSE Sensex gained 20.59 points, or 0.028%, to end at 74,248.22.
Overseas investors turned net sellers of Indian equities on Friday. Foreign portfolio investors offloaded stocks worth Rs 8,027 crore and domestic institutional investors remained net buyers and mopped up equities worth Rs 6,341.5 crore, according to provisional data from the National Stock Exchange.
The Indian currency weakened by 23 paise to close at Rs 83.42 against the US dollar.
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