Updated: May 13, 2022 4:21:54 pm
The benchmark equity indices on the BSE and National Stock Exchange (NSE) erased their day’s gains and ended lower for the sixth consecutive session, slipping marginally on Friday following a last-hour sell-off.
The S&P BSE Sensex fell 136.69 points (0.26 per cent) to end at 52,793.62 while the Nifty 50 slipped 25.85 points (0.16 per cent) to settle at 15,782.15. Both the indices had opened over 1 per cent higher earlier in the day and traded in the positive territory for the bulk of the session with the Sensex hitting a high of 53,785.71 while the broader Nifty rose to 16,083.60 before giving up their gains and ending in the red.
On the Sensex pack, State Bank of India (SBI), ICICI Bank, NTPC, Bharti Airtel, Axis Bank and Maruti Suzuki India were the top losers on Friday while Sun Pharmaceutical Industries, Mahindra & Mahindra (M&M), Hindustan Unilever, ITC, Titan Company and Reliance Industries (RIL) were the top gainers.
The broader market indices however outperformed their benchmark peers with the S&P BSE MidCap index ending at 21,815.66, up 170.53 points (0.79 per cent) while the S&P BSE SmallCap settled for 25,315.75, up 320.24 points (1.28 per cent). On the NSE, the volatility index or India VIX fell 3.21 per cent to 23.49.
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“High domestic inflation data failed to spook investors since the recent selloff has already absorbed the ongoing uncertainties in the market. Domestic markets witnessed a rebound as buyers took the recent correction into their advantage following the trend of the global market. However, the weakness seen in the banking sector triggered a late selloff. The US Fed cautioned against an aggressive policy stance in order to bring inflation under the Fed’s comfort zone of 2 per cent,” said Vinod Nair, Head of Research at Geojit Financial Services.
World stocks rose from the previous day’s 18-month lows and the dollar pulled back from 20-year highs on Friday, though investors remained nervous about high inflation and the impact of rising interest rates. Markets are becoming anxious about the possibility of recession, with the S&P getting close to a bear market on Thursday, at nearly 20% off its January all-time high.
MSCI’s world equity index rose 0.32% after hitting its lowest since November 2020 on Thursday, though it was heading for a 4% fall on the week, its sixth straight week of losses. S&P futures bounced 1.13% after the S&P index dropped 0.13% overnight, with the index also eyeing a sixth straight week of declines. European stocks rallied 0.96% and Britain’s FTSE 100 gained 1.17%.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up almost 2% from Thursday’s 22-month closing low, trimming its losses for the week to less than 3%. Australian shares gained 1.93%, while Japan’s Nikkei stock index jumped 2.64%. In China, the blue-chip CSI300 index was up 0.75% and Hong Kong’s Hang Seng rose 2.71%, encouraged by comments from Shangahi’s deputy mayor that the city may be able to start easing some tough COVID restrictions this month.
-global market input from Reuters
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