Indian stock market opened lower on Friday but pared early morning losses and turned green with handsome gains by key benchmark indices. However, after the newsbreak of US air strike in Syria triggering rising tension in the Middle East, Indian stocks tumbled and ended in red territory for second straight session. Nifty 50 index lost 131 points and closed at 16,945 levels whereas BSE Sensex lost 398 points and closed at 57,525 mark. Nifty Bank index corrected 221 points and finished at 39,395 levels on Friday session.
According to stock market experts, global markets including Dalal Street is already under the heat of bank crisis in US and looming economic slowdown worries and this new geo-political tension in the Middle East might dent the prospects of pull back rally when the market opens on Monday next week. They said that Indian stock market or any other global market can’t afford a new tension as they already have a lot of challenges to face in upcoming sessions. They advised short term investors to look at quality agriculture and fertiliser stocks to buy if the Middle East tension further escalates. However, for long term positional investors, IT remained their favourite sector for investing.
How US air strike in Syria may impact Indian stock market next week?
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