Sensex, Nifty: Why stock market selloff seems to have eased today

The relentless selling on Dalal Street in March seems to have eased in the current trading session amid  a report that said Iran has allowed ships of all countries except US and Israel to pass through the Hormuz Strait. The latest development is expected to ease oil shortage through the route, which accounts for 20% of the global oil supply. 

In reaction, all Asian markets except Nikkei were trading in the green. Hang Seng gained 274 pts to 25,740 and Taiwan Weighted gained 80 points to 33,481. Nikkei fell 170 points to  53,649. 

Subsequently, Sensex rose 373 pts to 74,937 and Nifty gained 114 pts to 23,265 in early deals. Market cap of BSE-listed firms stood at Rs 4.30 lakh crore. 

Market breadth was marginally negative. Of 3621 stocks, 1543 stocks were trading in the green. Around 1879 stocks were trading in the red while 199 stocks remained unchanged.

Today's market recovery comes after Sensex plunging 6723 pts in nine sessions in March. On similar lines, Nifty cracked 2062 pts on weak global cues. 

Sensex has tanked 12.65% or 10,772 pts this year. Nifty too lost 11.59% or 3030 pts during the same period as Trump tariffs, the West Asia war and concerns surrounding the impact of high crude price on India’s growth and corporate earnings took a toll on investor sentiment.  

However, brent crude prices rose 1.60% to $104.79 per barrel today amid escalation of war in the West Asia. 

Today, following a drone-led strike that sparked a blaze on the grounds, flight operations at Dubai International Airport were put on hold. A drone-related incident led to a fire near Dubai International Airport, authorities said. Later, the civil defence teams contained a fire that erupted after an impact on one of the fuel tanks in the airport's vicinity.