Amid global market weakness, indices tumble over 1%
Benchmark indices tumbled over 1% on Thursday marking their fourth consecutive session of decline. The decline came amid global market weakness weighing heavily on investor sentiment.
Healthy macro-economic data, as well as hopes of a faster economic revival, lifted India’s key equity market indices’ during the pre-noon trade session on Friday.
Initially, the market indices had a gap up opening and continued to move higher in the morning session.
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Accordingly, the S&P BSE Sensex breached the 55,000 points mark, while NSE Nifty50 reached 16,486.10 points.
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Consequently, the S&P BSE Sensex at 11.40 a.m. closed the day’s trade at 55,254.15, higher by 410.17 points or 0.75 per cent from its previous close.
The NSE Nifty50 ended the session at 16,483.90, higher by 119.50 points or 0.73 per cent from its previous close.
“In the Asian region, Nifty has gained the most. Advance decline ratio continues to be positive. Among large-caps, Capital Goods and Telecom stocks lead the up run,”
“Companies who have come out with encouraging results over the last 1-2 days are seeing an uptick in their prices.”
According to Likhita Chepa at CapitalVia Global Research: “Domestic sentiment remains positive as the industrial output data has shown signs of recovery in the manufacturing sector adding to more buying in the market.”
“Retail inflation has also started to decrease which is another positive sign for the market. Our research suggests that if the market sustain above the zone of 16350-16370, we can expect the market to achieve the new level of 16480-16500.”
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