FPJ News Service mumbai

The domestic market failed to maintain the opening gains on Wednesday amid continuing tensions in the Middle East and volatility in oil prices. However, market gurus believe Indian markets will continue to climb the wall of worry. The BSE 30-share Sensex closed 138.64 points lower at 81,444.66, and Nifty closed at 24,812.05, losing 41.35 points.

“The domestic market failed to maintain the opening gains as the continuing tensions in the Middle East and volatility in oil prices dragged the overall sentiment. However, auto and consumer discretionary gained in expectations of a demand revival. With the supportive base of the domestic macros, the long-term outlook remains intact, and investors are likely to be focused on high-quality large-cap stocks until greater clarity emerges,” Vinod Nair, head of research at Geojit Investments, said.

“President Trump’s comments and the US defence movements in West Asia signal aggravation of the conflict. However, there is no panic in global equity markets, and markets’ assessment is that the conflict will end soon without impacting the global economy. It’s important to understand that after the Covid crash which took the Nifty to a low of 7,511 in March 2020 we are in a bull market which has been climbing all walls of worries. The market is likely to climb this Israel-Iran conflict worry, too. Buy on dips strategy will continue to work,” said Dr VK Vijayakumar, a veteran investment strategist.