Sensex Today: The volatile day in the markets ended mildly above the flat line on Friday as investors awaited India’s retail inflation data for July. At Close, the Sensex was up 130.18 points or 0.22 per cent at 59,462.78, and the Nifty was up 39.20 points or 0.22 per cent at 17,698.20.
ONGC, Tata Steel, NTPC, UPL and Power Grid Corp were among the major Nifty gainers. The losers included Divis Lab, Apollo Hospitals, Infosys, Maruti Suzuki and Tata Consumer Products.
Oil & Gas indices rose 2.5 per cent and Metal and Power added 1.5 per cent each. On the other hand, Pharma index shed 1 per cent and Information Technology index was down 0.76 per cent.
BSE midcap and smallcap indices ended marginally higher.
Among individual stocks, shares of Oil India climbed 1 per cent after the state explorer tripled its net profit to Rs 1,555.4 crore in Q1FY23.
Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The ongoing market rally is being driven mainly by two factors: One, the steady decline in dollar index from above 109 to 105.26 now facilitating capital flows to emerging markets. Two, the return of FIIs into the Indian market, has completely changed the market sentiments here. It is important to appreciate the fact that FIIs have made a complete turnaround in their strategy in India with sustained buying over the last 10 sessions. And yesterday’s buy figure of Rs 2298 cr is the highest in several months. This, and the fact that India has the best growth story for this year and the next, will impart resilience to the market. However, investors should exercise caution while chasing this rally since valuations are getting stretched. Remain invested in high-quality growth stocks; don’t chase ‘cats and dogs’.”
Global Cues
Stocks in Asia got a lift from Japan on Friday while Treasuries were mixed as investors evaluated how far the Federal Reserve must jack up interest rates to ensure high inflation keeps cooling. Japan added about 2 per cent in a catch-up rally as the equity market there reopened from a holiday but Australia and Hong Kong struggled.
The Nasdaq retreated to close lower on Thursday despite fresh evidence of cooling inflation on the realization the Federal Reserve still needs to aggressively boost interest rates to fully tame rising consumer prices. The S&P 500 retreated after earlier hitting fresh three-month highs after data showed the US producer price index unexpectedly fell in July.
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