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Profit reserving, global cues subdue equity indices; metal stocks down (Roundup) – Mumbai News

Resultantly, the 2 indices closed on a flat word after 5 classes of positive aspects.

The Sensex and Nifty settled at 61,223.03 and 18,255.75 factors, down 12.27 factors and a couple of.05 factors from their earlier shut, respectively.

Initially, each the indices had a spot down opening and fell early within the morning hours.

However, ease in wholesale inflation, in addition to strong exports figures, aided the indices to pare a few of their losses.

Stock markets in Asia yielded to the panic of an imminent rate of interest hike situation within the US, recording main losses on Friday.

Similarly, European stocks dropped in early buying and selling on Friday after extra US Fed policymakers signalled that they’ll begin to elevate US rates of interest in March to fight inflation.

On the home entrance, volumes have been in keeping with current averages.

Among sectors, realty, capital items and IT indices rose essentially the most whereas metals, telecom, FMCG and healthcare indices misplaced essentially the most.

“Nifty closed flat after five days of gains, recovering smartly from the lows,” stated Deepak Jasani, Head of Retail Research, HDFC Securities.

“Nifty opened lower and fell early in the morning. After making a higher low at 11.30 am, Nifty inched up through the day to close almost flat,” he added.

“Nifty rose for the fourth consecutive week, rising 2.49 per cent in the longest winning streak since the week ended September 24, 2021. Nifty is now close to the 18,500-18,600 resistance band,” he stated.

According to Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services: “Global markets continued to witness sell off with hawkish comments from a slew of US Fed officials indicating faster interest rate hikes to combat inflation.

“Record excessive inflation within the US is dampening the feelings in an in any other case optimistic macro knowledge setting.”

Vinod Nair, Head of Research at Geojit Financial Services, said: “The Indian market opened on a weak word following nervousness in global markets. However, it managed to erase most of its losses to shut flat, supported by optimistic developments in IT, realty and healthcare sectors.

“US Fed officials’ latest comments on a likely rate hike in March triggered selling in global equities. Globally, inflation worries worsened after the US reported a 40-year high CPI inflation reading while a slower rise in producer prices provided some relief.”

Disclaimer: This story is auto-aggregated by a pc program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media

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