Share Market Highlights:Amid volatility driven by rising oil prices, the markets showed a sharp rebound on Friday morning. The BSE Sensex surged 880 points to trade at 75,087, while the Nifty gained 290 points to move up to 23,292. On Thursday, it was a bloodbath for stock markets, with the Sensex crashing 2,497 points to close at 74,207. Meanwhile, the NSE’s Nifty 50 tumbled 776 points to settle at 23,002. This resulted in a massive wipeout of Rs 11 lakh crore from the share markets yesterday, bringing down the market capitalization of BSE-listed firms to Rs 427 lakh crore.

Why Share Markets Are Volatile Today

As continuous attacks on oil refineries in the Gulf push crude prices higher, with oil reaching around $115 per barrel, shockwaves have been sent across the global economy and India is no exception. The ongoing volatility in oil prices is likely to keep markets on edge today.

Israel’s attack on Iran’s South Pars gas field was followed by retaliatory strikes by Iran targeting key energy infrastructure, including Qatar’s Ras Laffan Industrial City, which is the world’s largest LNG hub, and major oil facilities in Saudi Arabia. This has triggered fears of a global energy crisis and pushed LNG gas prices in Europe up by nearly 35 percent. Rising oil and gas prices are sending shockwaves across the world, increasing inflation concerns and leading to massive sell-offs by investors in stock markets globally.

Global markets

Due to a rebound in the US markets, Asian markets traded higher this morning. However, experts have warned that Indian markets may remain fragile due to ongoing global tensions and the HDFC-related concerns.

The volatility index, India VIX, jumped sharply from around 21.8 to 22.8, indicating heightened nervousness among traders amid the escalating Israel-Iran conflict. Shares of oil marketing companies are expected to remain under pressure due to stress on the production and supply side, as rising crude prices squeeze margins and increase sectoral volatility.

Top Gainers Today

The recovery in the Indian stock market today is being spearheaded by a strong rebound in heavyweights and value-buying in the IT and Metal sectors. Leading the pack, Tata Steel and JSW Steel have surged over 4%, benefiting from a technical bounce after yesterday’s sell-off. In the IT space, Tech Mahindra and Infosys are trading significantly higher, up 3.3% and 2.1% respectively, following positive global cues from Accenture’s strong bookings. Reliance Industries also remains a major contributor to the Sensex’s 900-point climb, jumping 3.2% as global crude prices stabilized near USD 107 per barrel. Additionally, SBI has seen a 3% uptick following the IPO filing of its mutual fund arm, signaling a broad-based recovery across key sectors.