Benchmark indices ended almost flat on Friday as most investors were waiting for the US jobs data which will give clue on rate hike by the US Federal Reserve going ahead.
Mumbai, Sep 2,2022: Benchmark indices ended almost flat on Friday as most investors were waiting for the US jobs data which will give clue on rate hike by the US Federal Reserve going ahead.
At close, Sensex ended 36.74 points or 0.06 per cent up at 58,803.33, and Nifty ended 3.35 points or 0.02 per cent down at 17,539.45. Around 1,769 shares have advanced, 1,656 shares declined, and 142 shares remained unchanged.
HDFC, ITC, Larsen and Toubro, HDFC Bank, Axis Bank were gainers on the BSE. BSE SmallCap index ended higher, however, BSE MidCap and LargeCap fell.
“The market has struggled for a firm direction today as global markets were largely under selling pressure ahead of the release of US job data, which could provide insight into upcoming Fed actions. Oil prices rose ahead of the OPEC+ meeting on the expectation of a reduction in output, despite the fact that weak global growth prospects remain a concern. A surging dollar index and rising US bond yields could be reflected in the elevated volatility of the domestic market in the near term,” said Vinod Nair, Head of Research at Geojit Financial Services.
Japan’s Nikkei marked a flat day. The Nikkei ended the session 0.04 per cent lower. China stocks fell on Friday as some big cities tightened Covid-19 restrictions to contain fresh outbreaks.
The CSI 300 Index lost 0.5 per cent, Shanghai Composite Index edged up 0.1 per cent. The Hang Seng Index declined 0.7 per cent.
European stocks rebounded in the early morning trade.
“Domestic market remained volatile during the week. While BSE-30 and Nifty-50 returns were flat, the midcap and smallcap space saw interest from market participants. Both, BSE-Midcap and BSE-Smallcap index outperformed the larger peers this week. While the crude oil prices has been volatile, the US 10-year bond yield has gradually moved up to 3.25 per cent. In the near term, Indian markets are likely to continue tracking global peers,” said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.
Leave a Reply