Market snaps 5-day losing streak led by realty, banking and metal
At close, the Sensex was up 498.58 points or 0.64% at 78,540.17, and the Nifty was up 165.95 points or 0.70% at 23,753.45.
The domestic markets on Friday opened on a positive note, picking up cues from global markets. However, the aniticipation of the US Federal rate hike kept the investors on their toes.
In morning trade, Sensex added 9 points to 62,579.47 level while Nifty added 12 points to 18,621.15 level. In Asian markets, Nikkei Index added 338 points while Hang Seng went up 314 points in the early morning.
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In European markets, FTSE went down 17 points while Refinitiv Europe Price Return was up 0.47 points in the morning trade.
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In US markets, Dow Jones added 183 points while Nasdaq Composite went up 123.45 points to a good start in the morning.
Though the markets are in a way stabilised now, experts say that the decision of US Federal Reserve on rate policy and the US inflation figures are on investors’ watch list. These two factors will influence global markets and the domestic markets.
“After touching a record high, the domestic market experienced significant volatility as global markets tumbled due to fear of an economic slowdown and worries over a Fed rate hike. Recession fears weighed on IT and pharma stocks while banks, especially PSBs, continued to support the bourses,” said Vinod Nair, Head of Research at Geojit Financial Services.
“This volatility is expected to sustain in the global market as we await the Fed policy decision and U.S. inflation numbers due next week.”
On Thursday, the broader Nifty of the National Stock Exchange advanced 48.85 points to settle at 18,609.35, with 27 of its constituents closing in the red. Axis Bank, IndusInd Bank, ICICI Bank, SBI, L&T, Infosys, M&M and Maruti were major gainers among Sensex stocks.
Sun Pharma fell the most by 3.57 per cent after the US FDA (regulation body) listed its Halol facility under an import alert, banning export from the plant to the American market.
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