Israel-Hamas war impacts negatively on market

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Following the lead of the global market, Nifty ended the day on a negative note, as did other sectoral indexes, according to Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

The Nifty metal had a 0.88 percent drop. He said, “The Israel-Hamas conflict, FII outflows, and the weak Q2 earnings of major firms have negatively impacted market confidence.” Major Nifty loses included Wipro, Tech Mahindra, UPL, Bharti Airtel, and Hindalco Industries; winners included Bajaj Auto, LTIMindtree, Nestle India, Hero MotoCorp, and UltraTech Cement.

Ultimately closing with 46 points at 19625 levels, Nifty began the day down but recovered part of its losses, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Today’s top industries included auto, FMCG, and consumer durables. The market will be heavily influenced by US Fed Chair Jerome Powell’s speech late on Thursday as it will offer some clarity on potential future rate hikes. This would keep market mood muted, as would the worsening conditions in the Middle East.

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