Benchmark indices exhibited range-bound trade on Friday as a lack of fresh triggers kept indices directionless. The S&P BSE Sensex remained within a narrow range of 348 points, while the Nifty50 traveled 118 points during the day. At close, the Sensex was up 303.38 points or 0.56 per cent at 54,481.84, and the Nifty was up 87.70 points or 0.54 per cent at 16,220.60. M&M, L&T, ICICI Bank, NTPC, Infosys, Axis Bank, Kotak Bank, ITC, HCL Tech, and Tech M were the top winners on the Sensex. Coal India, Grasim, and Britannia were the additional top gainers on Nifty.
L&T, PowerGrid, NTPC, ICICI Bank, DR Reddy’s Labs, Axis Bank, Bharti Airtel, and Nestle India were the top large-cap gainers, while M&M Financial Services, Oil India, SRF, Trent, Uttam Sugar, RateGain, and GR Infra surged in the broader market.
On the flipside, Tata Steel, IndusInd Bank, Maruti Suzuki, TCS, Crisil, Ashok Leyland, MFSL, RBL Bank, Ajmera Realty, PSP Projects, and Vakrangee were the top laggards across segments.
Among sectors, the Nifty Metal index was the sole loser, down 0.8 per cent. The Nifty Bank and FMCG indices, meanhile, were the outperformers, up 0.5 per cent each.
Among stocks, Suven Pharmaceuticals rose 2.6 per cent. The company has received US FDA approval for Glycopyrrolate. Glycopyrrolate is used to treat peptic ulcers in adults.
V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The recovery in Nifty and Nifty Midcap by 6 per cent and 10 per cent respectively from their recent lows indicates the resilience of the markets and its potential to scale newer heights under a favorable macro construct. The present rally is driven partly by expectations that given the steady decline in commodity prices inflation will start showing a declining trend enabling central banks to go a bit slow on hiking rates, and partly by short covering. It is quite probable that central banks may not tighten policy as much as the market feared earlier. If emerging data indicates the possibility of a soft landing for the US economy, the rally may gather momentum. Therefore, commodity prices have to be closely watched.”
Global Cues
Asian shares opened higher on Friday following gains on Wall Street, with investors shifting their focus to fresh data due in coming days for cues on US monetary policy. MSCI’s broadest index of Asia-Pacific shares outside Japan was up by 0.81 per cent.
Tokyo stocks opened higher Friday following gains on Wall Street, with investors shifting their focus to fresh data due in coming days for cues on US monetary policy. The benchmark Nikkei 225 index was up 0.49 percent or 129.69 points, at 26,620.22 in early trade, while the broader Topix index advanced 0.35 percent, or 6.63 points, to 1,888.96.
Wall Street benchmarks ended up on Thursday, with the S&P 500 and Nasdaq recording their fourth successive higher closes, as traders leaned in to U.S. equities after the Federal Reserve hinted at a more tempered program of interest rate hikes.
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