Market Today: The benchmark equity indices ended with marginal gains on Friday following a volatile session of trade, as investors maintained caution ahead of US Federal Reserve Chair Jerome Powell’s speech that is likely to provide cues on future interest rate hikes.
The S&P BSE Sensex rose 59.15 points (0.10 per cent) to end at 58,833.87, while the Nifty 50 inched 36.45 points (0.21 per cent) to settle at 17,558.90. Both the indices had opened around 0.8 per cent higher and rose nearly 1 per cent in the intraday session before trimming down and ending with marginal gains.
On the Sensex pack, NTPC, Titan Company, Power Grid Corporation of India, Kotak Mahindra Bank, Larsen & Toubro (L&T), Tech Mahindra, Tata Steel and Mahindra & Mahindra (M&M) were the top gainers on Friday. In contrast, IndusInd Bank, Housing Development Finance Corporation (HDFC), Asian Paints, Bharti Airtel, Dr. Reddy’s Laboratories and Reliance Industries (RIL) were the top laggards.
Among sectors, the Nifty Metal index rallied 1.77 per cent, Nifty Consumer Durables rose 1.29 per cent and PSU Bank scaled 0.98 per cent. On the other hand, Nifty Media skid 0.66 per cent and Nifty Realty fell 0.37 per cent.
In the broader market, the S&P BSE MidCap index rose 99.10 points (0.40 per cent) to 25,119.00 and the S&P BSE SmallCap settled at 28,415.89, up 100.28 points (0.35 per cent).
Global Market (from Reuters)
World stocks were flat on Friday and the dollar edged up as traders and investors awaited a speech from Federal Reserve Chair Jerome Powell for clues on the gradient of the US central bank’s rate-hike path.
Investors have pared back expectations that the Fed could pivot to a slower pace of rate hikes, as US inflation remains at 8.5 per cent on an annual basis, well above the central bank’s 2 per cent target.
MSCI’s world equity index was little changed and was heading for a modest 0.5 per cent drop on the week. US S&P futures fell 0.25 per cent, European stocks edged up 0.16 per cent and Britain’s FTSE 100 rose 0.58 per cent.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent to one-week highs. Resources-heavy Australia shares gained 0.8 per cent while Japan’s Nikkei advanced 0.6 per cent.