Lack of directional cues kept benchmark S&P BSE Sensex and NSE Nifty50 range-bound in the negative territory for better part of the day on Friday. However, the indices turned choppy and ended mildly off lows as energy prices, including crude oil futures, eased after the US and European Union signed agreement to share energy needs.
Sensex down 233.48 points or 0.41 per cent at 57362.20, and the Nifty falling 69.80 points or 0.41 per cent at 17153. About 1256 shares have advanced, 1958 shares declined, and 91 shares are unchanged. 22 of the 30 Sensex stocks and 37 of the 50 Nifty50 stocks settled the day in the red. Titan Company, Tech M, Maruti Suzuki, Cipla, IOC, Nestle India, Hero MotoCorp, Eicher Motors, L&T, TCS, Wipro, and Tata Steel were the top laggards, losing upwards of a per cent each.
On the upside, Bajaj Auto, Adani Ports, SBI, Dr Reddy’s Labs, JSW Steel, Asian Paints, RIL, and SBI were the major gainers, up between 0.7 per cent and 2 per cent.
The broader markets, too, closed in the negative zone. The BSE MidCap and SmallCap indices dipped 0.3 per cent each.
Among sectors, the Nifty Realty index was the top gainer, up 1.2 per cent. On the flipside, the Nifty Consumer Durable index was the worst hit, down over 2 per cent, followed by the Nifty IT and FMCG indices, down up to 1 per cent.
Shares of Inox Leisure hit a 52-week high of Rs 497, surging 12 per cent on the BSE in Friday’s intra-day trade, supported by heavy volumes. The stock has been able to hold its ground as pandemic-related restrictions eased and strong content line-up, ready to be released over the next few months, improved business outlook.
On the contrary, shares of Indus Tower slipped 8 per cent to Rs 196.55 on the BSE in Friday’s intra-day trade amid heavy volume. The stock of the telecom infrastructure provider traded close to its 52-week low of Rs 194.25 touched on August 5, 2021. The stock had hit a 52-week high of Rs 332.60 on September 28, 2021.
Vinod Nair, Head of Research at Geojit Financial Services, said: “After the recent 10 per cent rally, the market has turned sideways with a negative bias due to increase in commodity prices, tightening monetary policy and inflationary pressure. The domestic market is showing strong resilience but to sustain the trend a lot will depend on the outcome of the war & commodity prices. Ease in COVID restrictions in India is a boost for sectors like hospitality, multiplex, transportation, etc, leading to the outperformance.”
Global Cues
Major US stock indices rallied more than 1 per cent on Thursday, extending the market’s recent rebound, as investors snapped up beaten-down shares of chipmakers and big growth names and as oil prices dropped. The Dow Jones Industrial Average rose 349.44 points, or 1.02 per cent, to 34,707.94, the S&P 500 gained 63.92 points, or 1.43 per cent, to 4,520.16 and the Nasdaq Composite added 269.24 points, or 1.93 per cent, to 14,191.84.
Tokyo stocks opened higher on Friday on overnight rallies of US shares, led by semiconductor stocks. The benchmark Nikkei 225 index added 0.62 per cent, or 174.65 points, at 28,285.04 in early trade, while the broader Topix index rose 0.48 per cent, or 9.53 points, to 1,991.09. The dollar stood at 122.10 yen, slightly off from 122.38 yen seen on Thursday in New York.
Hong Kong stocks extended the previous day’s losses at Friday’s open as profit-takers moved in following the market’s recent rally. The Hang Seng Index fell 0.96 per cent, or 210.34 points, to 21,735.61. The Shanghai Composite Index dipped 0.10 per cent, or 3.11 points, to 3,247.16, while the Shenzhen Composite Index on China’s second exchange added 0.08 per cent, or 1.76 points, to 2,146.10.
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