MUMBAI: Sensex and Nifty ended their five-day gains on Friday with minor losses on negative global cues and foreign fund outflows. In a largely weak session, the 30-share BSE Sensex ended 12.27 points or 0.02 per cent lower at 61,223.03. Similarly, the NSE Nifty closed at 18,255.75, down 2.05 points or 0.01 per cent.
Asian Paints was the top laggard on the Sensex chart, falling 2.66 per cent, followed by Axis Bank, HUL, M&M, Wipro, HDFC and Bharti Airtel. On the other hand, TCS, Infosys, L&T, Tech Mahindra, HDFC Bank and UltraTech Cement were among the major gainers, rising up to 1.84 per cent. Market breadth was negative with 18 declines and 12 advances. “Indian market opened on a weak note following panic in global markets, however, supported by positive trends in IT, realty and healthcare sectors, it managed to close most of its losses flat. “The latest comments by a Fed official on a possible rate hike during March triggered a sell-off in global equities. “Globally, inflation concerns worsened after the US reported 40-year high CPI inflation readings, while slower growth in producer prices provided some respite,” said Vinod Nair, Head of Research, Geojit Financial Services.
On a weekly basis, the Sensex rose 1,478.38 points or 2.47 per cent, while the Nifty gained 443.05 points or 2.48 per cent. S Hariharan, Head – Sales Trading, Emkay Global Financial Services, said, “Strong guidance from several members of the US FOMC regarding interest rate hikes in CY22, with continuing to print higher inflation globally, for equities in general Unfavorable flows create an environment.” “The response to strong results from frontline IT names points to a heavy pre-positioning in the market, and may be a recurring theme for the ongoing results season – there comes the price of good results and new catalysts to push through.” May require further rally,” he said. Sector-wise, BSE Telecom, FMCG, Healthcare, Auto and Bankex declined as much as 1.20 per cent, while capital goods, realty, industry and IT posted gains. BSE Smallcap and Midcap indices rose up to 0.50 per cent in markets. On the domestic economic front, wholesale price-based inflation eased the 4-month rising trend in December 2021 and eased to 13.56 per cent, mainly Food prices came down sharply, albeit on the back of softening in fuel, power and manufacturing items.
The country’s exports grew 38.91 per cent year-on-year to USD 37.81 billion in December 2021, driven by healthy performance from sectors such as engineering, textiles and chemicals, even as the trade deficit widened to USD 21.68 billion during the month. The USD is gone, government data shows. Friday. World stocks fell after US Federal Reserve officials signaled a rate hike from March to rein in inflation. Elsewhere in Asia, shares ended in negative territory in Tokyo, Hong Kong, Shanghai and Seoul. Selling pressure was also seen in European stock exchanges in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 0.86 per cent to $85.20 a barrel. The rupee on Friday lost 25 paise to close at 74.15 against the US dollar. Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 1,390.85 crore on Thursday, according to stock exchange data.
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