Benchmark indices erased all the intraday gains and ended lower for the sixth consecutive session. At close, the Sensex was down 136.69 points or 0.26 per cent at 52,793.62, and the Nifty was down 25.80 points or 0.16 per cent at 15,782.20. About 2097 shares have advanced, 1166 shares declined, and 128 shares are unchanged.
Top Gainers And Losers
Hindalco Industries, SBI, JSW Steel, NTPC and ICICI Bank were among the top Nifty losers. Gainers included Tata Motors, Sun Pharma, M&M, ITC and HUL. On the sectoral front bank, metal and power indices ended 1-2 per cent lower, while auto, FMCG, pharma indices rose 1-2 per cent. BSE midcap index rose 0.8 per cent and smallcap indices added 1.3 per cent.
Rupee recovers to 77.32 from 77.40 against US dollar
Indian rupee has recovered by 8 paise and stands at 77.32 against the US dollar in early trade. The domestic currency slumped to 77.40 against US dollar on Thursday at market close. Decline in rupee on Thursday was triggered by risk-off sentiments amid increasing concerns over inflation, weak domestic equities, surging US dollar in overseas market and foreign outflows.
Season Of Headwinds For Markets
Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “High inflation in the US and the hawkish Fed has pushed up bond yields, negatively impacting equity markets. Global economic uncertainty and market turbulence have triggered safe-haven dollar buying, pushing the dollar index to 104.8. In this backdrop, FPIs continue their selling spree further impacting sentiments. To top it all, CPI inflation for April has come at a disturbingly high level of 7.79 leaving no option for RBI, but to turn hawkish in the coming policy meets. The positive side is that all this bad news is already known and factored in by the market. Since the market is oversold, a bounce-back can be expected but the texture of the market remains weak. For long-term investors, high-quality financials and IT provide investment opportunities”
Global Cues
Another erratic day of trading on Wall Street ended with an uneven finish for the major stock indexes Thursday, after the market reversed most of an early slide in the final hour of trading. The S&P 500 closed only 0.1 per cent lower after having been down 1.9 per cent earlier in the day. The Dow Jones Industrial Average fell 0.3 per cent, while the Nasdaq rose 0.1 per cent. The S&P 500 fell 5.10 points to 3,930.08. The Dow dropped 103.81 points to 31,730.30. The Nasdaq rose 6.73 points to 11,370.96.
Asian shares found some footing after a volatile session for U.S. equities, but the dollar remained at 20-year highs and global stocks near 18-month lows on worries about persistently high inflation and tightening central banks. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.15 per cent, trimming its losses for the week to around 3.5 per cent. Australian shares were up 1.56 per cent, while Japan’s Nikkei stock index jumped 2.62 per cent. In China, the blue-chip CSI300 index was up 0.92 per cent and Hong Kong’s Hang Seng rose 1.8 per cent.
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