Benchmark indices started flat on Friday in line with weak global signals. At 9:15 a.m. IST, the Sensex fell 41.95 points or 0.07 percent at 58746.07 and the Nifty fell 0.20 points or 0.00 percent at 17560. About 1,299 stocks have advanced, 543 stocks are down and 89 stocks are down. unchanged. At Sensex, ITC, HDFC Bank, Tata Steel, Ultratech Cement, PowerGrid and Sun Pharma were the biggest winners. Meanwhile, Infosys, TCS, Wipro, Reliance and HCL Tech were the biggest losers with losses of 0.7-1 percent. Meanwhile, Infosys, TCS, Wipro, Reliance and HCL Tech were the biggest losers on the Nifty. Tata Consumer and Hero MotoCorp were the biggest laggards on the Nifty.
Sectorally, the Nifty Realty and IT indices led the losses, falling to 0.8 percent, while Nifty Bank and Nifty Metal were the winners. Auto index, along with Pharma, were largely muted.
dr. VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The market is likely to remain in the volatile zone in the near term. Russia-Ukraine tensions, fears of a worse-than-expected Fed tightening and the sharp rise in Brent crude are areas of concern. The optimism of retail investors and DIIs equal to funds is positive. These positives are supported by a recovery in growth and earnings. The best short-term strategy in these uncertain and volatile times is to wait for clarity Dips can also be used to buy high quality stocks with earnings visibility across sectors, preferably financials and IT.”
Equity benchmarks broke their three-day winning streak on Thursday amid global volatility and continued selling pressure from foreign investors in domestic equities. The Nifty lost 220 points or 1.2 percent to settle at 17,560. Sectorally, IT was a major drag, while Auto, Metals and Consumer performed relatively better.
The Nifty opened flat amid muted global signals and failed to trade in green as selling pressures in IT and then gains in recently launched banking and Infra stocks dragged the index south. Price action resulted in a significant bear candle engulfing Wednesday’s bull candle, pointing to gains posting after a rally of 950 points in just five sessions that pushed prices into an overbought trajectory on Wednesday,” ICICI Securities said in its note.
Global clues
Asian stocks opened almost flat before giving up on gains on Friday as investors consumed sharp sell-offs on Wall Street. Those resuming trading after a lunar new year hiatus traded higher. The MSCI index of Asia-Pacific stocks outside Japan rose 0.58 percent. Nikkei in Japan slumped 0.32% Kospi from South Korea gained 0.84%, ASX 200 in Australia lost 0.24% DJ from New Zealand lost 0.58% Hang Seng from Hong Kong added 1.57%
Wall Street broke a winning streak of four sessions on Thursday, with all three benchmarks closing lower after Facebook owner Meta Platforms’ stern forecast sent stocks plummeting and halted a nascent recovery based on positive earnings from other major tech companies. Dow Jones fell 1.45% to 35,111.16S&P 500 fell 2.44% to 4,477.44 Nasdaq fell 3.74% to 13,878.82.
Meanwhile, oil prices soared Thursday as a winter storm across the central, northeastern US exacerbated supply problems. Brent Crude rose 1.8 percent to $91.11 a barrel, and WTI crude rose 2.1 percent to $90.27 a barrel.
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