Indian shares rose with minor gains on Saturday in line with global cues with the BSE Sensex opening 326.56 points, or 0.46 per cent up at 72,009.80 and Nifty rising 83.80 points, or 0.39 per cent to 21,706.20.
The equity market is trading in a full session on Saturday, and will remain shut on Monday due to a public holiday in Maharashtra and the Central government observing a half-working day on the occasion of the inauguration of the Ram temple in Ayodhya.
In a significant indication, the benchmark indices seem to have put the mid-week fall behind. At 11 am, Sensex edged 134.79 points, or 0.19 per cent higher at 71,818.02 mark with Nifty gaining 43.25 points, or 0.20 per cent at 21,662.10 mark.
Benchmark indices in Asia-Pacific, specially in Japan, South Korea and Australia rallied higher on global cues and shares of chipmaking companies trading in green. Shares of chipmaker giant TSMC gained 5 per cent and 10 per cent in Taiwan and the US respectively.
This week’s slide in the Indian benchmarks was led by weak financial and banking and IT on the back of lower-than-expected quarterly results. Shares of HDFC bank tanked followed by fall in share prices of Axis, SBI and IndusInd bank.
Oil prices witnessed a weekly gain due to prevailing tensions in West Asia and Chinese growth concerns after below than expected GDP numbers. Brent and WTI futures gained 0.5 percent and 1 per cent respectively this week. On Saturday, Brent oil futures settled lower at 0.50 points, 0.63 per cent at $78.60 at 10:45 AM IST. WTI oil futures maintained flatline at 0.52 points, or 0.70 per cent at $73.43.
US markets witnessed unprecedented highs this week as investors returned to buying equities after this week’s market tumble. The market also reacted to cooling inflation expectations and a rally in tech shares. Breaking its 2022 record, S&P 500 closed at an all time high of 58.87 points, or 1.23 per cent at 4,839.81. Dow Jones Industrial Average (DJIA) advanced 395.19 points, or 1.05 per cent to 37,863.80 followed by NASDAQ gaining 255.32 points, or 1.70 per cent at 15,310.97. Meanwhile, Fed officials continued to pushback on rate cut hopes this week.
Both Sensex and Nifty snapped the losing streak on Friday after witnessing a fall in three consecutive sessions. Sensex ended Friday’s trade at 496.37 points, or 0.37 per cent higher at 71,683.23 whereas Nifty gained 160.15 points, or 0.75 per cent at 21,622.40.