Mumbai: After a strong start on May 29, the Indian stock market once again fell into the red. By afternoon, selling pressure started coming due to profit booking in the market, as a result of which Sensex and Nifty lost all their gains. However, after two days of decline, Sensex opened in the green today. It jumped 352 points from its previous close to reach a high of 76,220.02. Similarly, Nifty also rose more than 95 points to reach a high of 24,002.80 soon after opening. Factors like expectations of easing geopolitical concerns, falling crude oil prices, bullish global markets and strengthening rupee had supported the market.
But the market fell in the afternoon. The Sensex lost all its gains and closed at a low of 74,775.74, down 1,092.06 points or 1.44%. Only 4 Sensex stocks advanced and 26 declined.
On the other hand, the Nifty also fell 359.40 points or 1.50% to close at a low of 23,547.75.
There are reports that a 60-day ceasefire agreement between the US and Iran is on the verge of being finalized. It is awaiting the approval of US President Donald Trump. However, Iranian state media says that no agreement has been finalized yet. As a result, uncertainty remains over tensions in West Asia. If there is no agreement, it could lead to a further increase in crude oil prices and a risk environment in global trade. This could lead to high inflation in the long run.