Fri Oct 04 06:03:00 UTC 2024: ## Indian Markets Rise Despite Global Tensions: Sensex Gains 0.26%, Nifty Up 0.24%

**MUMBAI, INDIA -** The Indian stock market opened higher on Friday, with the S&P BSE Sensex gaining 211.74 points or 0.26% to 82,708.84 and the Nifty 50 index rising 60.20 points or 0.24% to 25,310.30. This positive trend comes despite global market concerns stemming from rising tensions in the Middle East.

**Positive Market Breadth:** The broader market also saw gains, with the S&P BSE Mid-Cap index up 0.11% and the S&P BSE Small-Cap index adding 0.11%. On the BSE, 2,096 shares rose while 1,633 shares fell.

**Service Sector Growth Slows:** The HSBC India Services PMI survey, compiled by S&P Global, indicates strong sector performance but highlights a slowdown in growth. While the Services Business Activity Index remained above the neutral mark of 50.0, it dropped from 60.9 in August to 57.7 in September, marking the lowest output growth since November 2023. This slowdown is attributed to factors like intense competition, cost pressures, and shifting consumer preferences towards online services.

**PSU Banks Surge:** The Nifty PSU Bank index saw a significant jump of 1.66% to 6,789.05, reversing the previous session’s 1.24% decline. Several banks, including Bank of Baroda, Indian Bank, and Canara Bank, witnessed strong gains. Bank of Baroda’s shares rose 2.67% after the bank reported a 10.23% increase in its global business as of September 30, 2024.

**Global Markets Remain Cautious:** Asian markets traded higher on Friday, but with caution. Investors are concerned about the escalating situation in the Middle East following US President Joe Biden’s warning of potential strikes on Iranian oil facilities and Israel’s continued military operations against Hezbollah.

The US markets closed lower on Thursday, recovering from intraday losses. The Dow Jones Industrial Average declined by 0.44%, the S&P 500 fell by 0.17%, and the Nasdaq Composite dropped by 0.04%. Investors are closely monitoring the US nonfarm payrolls report, which could provide crucial information for the Federal Reserve’s interest rate policy.

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