Share Market Roundup: Global Markets Surge, but Sensex-Nifty Extend Losing Streak
Most global stock markets surged on Thursday amid hopes of a Russia-Ukraine ceasefire. Indices in France and Germany rose by more than 1%, while Japan’s Nikkei and Korea’s Kospi closed with gains of about 1.5%. However, the Indian stock market continued its downward trend, with Sensex and Nifty registering their eighth consecutive weekly decline. Despite strong intraday gains, profit-taking erased all progress by the end of the session.
Global Markets React to US-Russia Talks
Investor sentiment improved after reports that US President Donald Trump had agreed to begin talks with Russian President Vladimir Putin to negotiate an end to the Russia-Ukraine war. Additionally, optimism in Asian markets increased on speculation that Trump might halt some announced trade tariff hikes.
- France’s CAC 40 index gained 1% by midday (IST).
- Germany’s DAX index rose 1.2% to 22,418.16.
- Britain’s FTSE 100 index declined by 0.8%.
- In the US, Wall Street ended lower due to rising inflation concerns.
Sensex Rises Intraday But Ends in Red
Encouraged by positive global cues, the Sensex surged by nearly 593 points to reach 76,764.53 in the afternoon session. The rally was supported by:
- Retail inflation easing to a three-month low of 4.31%.
- Oil price decline, following news of Trump’s possible negotiations with Putin.
However, like on Wednesday, profit-taking at higher levels erased all gains. By the close:
- Sensex fell 32.11 points to 76,138.97.
- Nifty dropped 13.85 points to 23,031.40.
This marked the seventh consecutive day of decline, with losses of 0.4% in Sensex and 0.6% in Nifty. Notably, both indices held key psychological levels—Sensex above 76,000 and Nifty above 23,000.
Top Gainers: Kotak Mahindra Bank & Zomato
- Kotak Mahindra Bank, which was recently freed from RBI restrictions after nine months, was among the top gainers.
- Zomato, which has struggled over the past few months, also saw a strong recovery.
