Market Today: The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended on a flat note following a choppy session on Friday.
The S&P BSE Sensex rose 36.74 points (0.06 per cent) to end at 58,803.33 while the Nifty 50 slipped 3.35 points (0.02 per cent) to settle at 17,539.45.
On the Sensex pack, ITC, Housing Development Finance Corporation (HDFC), Larsen & Toubro (L&T), Axis Bank NTPC and HDFC Bank were the top gainers on Friday. In contrast, Maruti Suzuki India, Reliance Industries (RIL), IndusInd Bank, UltraTech Cement, Nestle India and Infosys were the top laggards.
Among the sectoral indices, the Nifty Financial Services rose 0.51 per cent while the Nifty Media index climbed 0.50 per cent and the Nifty FMCG index inched 0.39 per cent. On the other hand, the Nifty Oil & Gas index fell 1.03 per cent and the Nifty PSU bank dipped 0.67 per cent.
In the broader market, the S&P BSE MidCap index fell 90.34 points (0.35 per cent) to end at 25,463.91 while the S&P BSE SmallCap rose 11.52 points (0.04 per cent) to settle at 28,800.82. On NSE, the volatility index or India VIX slipped 1.62 per cent to 19.55.
“The market has struggled for a firm direction today as global markets were largely under selling pressure ahead of the release of US job data, which could provide insight into upcoming Fed actions. Oil prices rose ahead of the OPEC+ meeting on the expectation of a reduction in output, despite the fact that weak global growth prospects remain a concern. A surging dollar index and rising US bond yields could be reflected in the elevated volatility of the domestic market in the near term,” said Vinod Nair, Head of Research at Geojit Financial Services.
Global Market (from Reuters)
World stocks were heading for a 3 per cent loss on the week while the dollar hit 24-year highs against the yen for a second day on Friday ahead of key US jobs data, as investors brace for aggressive rate hikes from the Federal Reserve. Fresh lockdowns in China are also fuelling concerns about global growth, while high energy costs as a result of the war in Ukraine are weighing on European markets.
The MSCI world equity index steadied above 6-week lows set in the previous session but was heading for its third straight week of losses. US S&P futures were flat after the S&P 500 index rose 0.3 per cent on Thursday. European stocks gained 0.5 per cent, while Britain’s FTSE rose 0.4 per cent.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent, heading for its worst weekly performance since mid-June with a tumble of 3.6 per cent, as rising expectations of aggressive global rate hikes hit risky assets. Japan’s Nikkei dipped 0.1 per cent, Chinese blue chips dropped 0.5 per cent, Hong Kong’s Hang Seng index fell 0.9 per cent and South Korea fell 0.3 per cent.