Market confidence negatively impacted due to Israel-Hamas conflict

Market confidence has been negatively impacted by the Israel-Hamas conflict, FII outflows, and the poor Q2 earnings of major firms

PGurus Newsdesk

October 19, 2023

Israel-Hamas conflict negatively impacts market confidence

Amis Israel-Hamas conflict, investors should remain cautious

Amid the escalating situation in the Middle East, FII outflows, and the poor Q2 earnings of major firms, market confidence has been negatively impacted.

The Israel-Hamas conflict would keep market sentiments subdued; hence investors are advised to stay cautious in the near term.

Nifty concluded on a downbeat tone, Nifty metal was down by 0.88 percent following the lead of the global market, with the majority of sectoral indices also doing so, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

Wipro, Tech Mahindra, UPL, Bharti Airtel, and Hindalco Industries were among the major losers on the Nifty, while gainers were Bajaj Auto, LTIMindtree, Nestle India, Hero MotoCorp and UltraTech Cement.

Nifty opened lower but managed to recover some of the losses to finally close with 46 points at 19625 levels, says Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Among sectors, Auto, FMCG, and Consumer Durable are major gainers today. US Fed chair Jerome Powell’s speech late Thursday would be a key trigger for the market as it will provide some clarity over future interest rate hikes.

On the result front, Dalmia Bharat and Ultratech reported healthy numbers. Even in 2W space Bajaj Auto posted a good set of numbers. Thus, we expect the cement and auto sectors to remain in focus, he added.

[With Inputs from IANS]

For all the latest updates, download PGurus App.