Benchmark indices were trading lower in the volatile session on Friday. At close, the Sensex was down 143.20 points or 0.24 per cent at 58,644.82, and the Nifty was down 43.90 points or 0.25 per cent at 17,516.30. About 1554 shares have advanced, 1704 shares declined, and 87 shares are unchanged. In the broader market, the BSE MidCap and SmallCap indices were down 0.7 per cent and 0.45 per cent, respectively. Sectorally, the Nifty Realty index fell 2.8 per cent on the NSE, while the Nifty PSB index dipped 1.9 per cent. On the contrary, the Nifty Metal index rose 1.2 per cent.
Mixed global cues kept the domestic equities volatile throughout the day on Friday as investors digested key updates from both the Bank of England and the European Central Bank. Meanwhile, Brent crude inched closer to $93 per barrel-mark, and bond yields climbed in the US and in India, which added to the nervousness in the markets.
Vinod Nair, Head of Research at Geojit Financial Services, said: “The domestic market continued to ride yesterday’s downtrend with most sectors barring FMCG and Metal facing sell-off. Western markets also lacked strength as the Bank of England imposed a back-to-back rate hike in yesterday’s policy meeting while the dovish ECB acknowledged the risk of rising inflation signalling a rate hike in the future. Wall Street remained highly volatile as a huge sell-off was seen in Meta (Facebook) post its earnings”
Rupak De, Senior Technical Analyst at LKP Securities, said: “Nifty remained volatile throughout the day with a bearish tone. The consolidation may continue in the short term as long as Nifty remains with the bands of 17400 and 17800. Any directional breakout in the near term may induce further significant move in the market”
Global Cues
Asian stocks, opened nearly flat, before giving up the gains on Friday as investors digested sharp selloffs on Wall Street. Those, resuming the trade after a lunar new year break, were trading higher. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.58 per cent. Japan’s Nikkei slumped 0.32%South Korea’s Kospi gained 0.84%Australia’s ASX 200 shed 0.24%New Zealand’s DJ dropped 0.58%Hong Kong’s Hang Seng added 1.57%
Wall Street snapped a four-session winning streak on Thursday, with all three benchmarks closing lower after Facebook-owner Meta Platforms’ dour forecast sent its stock plummeting and halted a nascent recovery built on upbeat earnings from other big tech. Dow Jones tanked 1.45% to 35,111.16S&P 500 slumped 2.44% to 4,477.44Nasdaq plunged 3.74% to 13,878.82.
Meanwhile, oil prices spiraled higher on Thursday as a winter storm across the central, northeast US added to the supply woes. Brent Crude surged 1.8 per cent to $91.11 a barrel, and WTI Crude soared 2.1 per cent to $90.27 a barrel.
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