Related
NEW DELHI: Benchmark indices wobbled around the flatline on Friday as global markets turned cautious, which Indian traders followed. Metals and IT remained in good demand, but selling in bank stocks dragged indices.
The potent combination of superabundant liquidity and ever-rising retail investor participation is providing great resilience to the market. Retail is buying every dip while FIIs are selling every rise, noted an analyst.
“From a fundamental perspective, the retail reaction is emotional, while the FII response is rational. Emotion can dominate reason in the short run. Big events like Zomato listing, AGR case verdict & RIL results can influence stocks and the market today," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
How are the bluechips doing?
After opening in the green, benchmark indices dipped below the flatline. At 9.36 am, BSE flagship Sensex was down 55 points or 0.10 per cent to 52,782. NSE benchmark Nifty fell 8 points or 0.05 per cent to 15,816.
In the 50-share pack Nifty, HCL Tech was the biggest gainer, up 1.91 per cent. Tata Steel, , SBI Life Insurance, Tata Consumer and Titan were among other gainers.
Tata Motors was the top loser in the pack, down 2.05 per cent. L&T, Adani Ports, , HDFC Bank, IndusInd Bank, Indian Oil, ICICI Bank and Axis Bank were other losers in the pack.
FACTORS DRIVING MARKETS
More jobless claims: The number of Americans filing new claims for unemployment benefits rose to a two-month high last week, a reminder that the labour market was far from being out of the woods as the nation confronts a resurgence in new Covid-19 infections.
Bond yields: Yields on US Treasuries eased on Thursday after an auction of $16 billion in 10-year TIPS was bid at a record low. However, the dollar index held close to a 3-1/2-month peak against its rival, making gold more expensive for holders of other currencies.
ECB keeps rates low: The European Central Bank pledged to keep interest rates at record lows for even longer to boost sluggish inflation and warned that the rapidly spreading Delta variant of the coronavirus poses a risk to the euro zone's recovery.
Broader markets
Broader market indices were trading mixed, outperforming their headline peers in morning trade. Nifty Smallcap was down 0.19 per cent, while Nifty Midcap rose 0.10 per cent. Broadest index on NSE, Nifty 500 was down 0.26 per cent.
Alkyl Amines, Route Mobile, Hindustan Copper, Mphasis, SAIL and IndiaMart Intermesh were gainers from the space while Oberoi Realty, Manappuram Finance, Trent, CDSL, Happiest Minds and Heidelberg Cement were under selling pressure.
Global markets
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4 per cent, leaving it down 1.1 per cent on the week so far. Japan's Nikkei was closed for a holiday, but off 1.7 per cent for the week and a whisker away from a seven-month trough. Chinese blue chips lost 1 per cent, though well within the tight trading range of the past three weeks.
Wall Street was in a better mood after a run of strong earnings, with Nasdaq futures up 0.3 per cent and S&P 500 futures 0.2 per cent. EUROSTOXX 50 futures also firmed 0.3 per cent, while FTSE futures gained 0.4 per cent.
The potent combination of superabundant liquidity and ever-rising retail investor participation is providing great resilience to the market. Retail is buying every dip while FIIs are selling every rise, noted an analyst.
“From a fundamental perspective, the retail reaction is emotional, while the FII response is rational. Emotion can dominate reason in the short run. Big events like Zomato listing, AGR case verdict & RIL results can influence stocks and the market today," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Did you Know?
Stock score of Bajaj Auto Ltd moved down by 1 in a month on a 10-point scale.
View Latest Stock Report »How are the bluechips doing?
After opening in the green, benchmark indices dipped below the flatline. At 9.36 am, BSE flagship Sensex was down 55 points or 0.10 per cent to 52,782. NSE benchmark Nifty fell 8 points or 0.05 per cent to 15,816.
In the 50-share pack Nifty, HCL Tech was the biggest gainer, up 1.91 per cent. Tata Steel, , SBI Life Insurance, Tata Consumer and Titan were among other gainers.
Tata Motors was the top loser in the pack, down 2.05 per cent. L&T, Adani Ports, , HDFC Bank, IndusInd Bank, Indian Oil, ICICI Bank and Axis Bank were other losers in the pack.
FACTORS DRIVING MARKETS
More jobless claims: The number of Americans filing new claims for unemployment benefits rose to a two-month high last week, a reminder that the labour market was far from being out of the woods as the nation confronts a resurgence in new Covid-19 infections.
Bond yields: Yields on US Treasuries eased on Thursday after an auction of $16 billion in 10-year TIPS was bid at a record low. However, the dollar index held close to a 3-1/2-month peak against its rival, making gold more expensive for holders of other currencies.
ECB keeps rates low: The European Central Bank pledged to keep interest rates at record lows for even longer to boost sluggish inflation and warned that the rapidly spreading Delta variant of the coronavirus poses a risk to the euro zone's recovery.
Broader markets
Broader market indices were trading mixed, outperforming their headline peers in morning trade. Nifty Smallcap was down 0.19 per cent, while Nifty Midcap rose 0.10 per cent. Broadest index on NSE, Nifty 500 was down 0.26 per cent.
Alkyl Amines, Route Mobile, Hindustan Copper, Mphasis, SAIL and IndiaMart Intermesh were gainers from the space while Oberoi Realty, Manappuram Finance, Trent, CDSL, Happiest Minds and Heidelberg Cement were under selling pressure.
Global markets
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4 per cent, leaving it down 1.1 per cent on the week so far. Japan's Nikkei was closed for a holiday, but off 1.7 per cent for the week and a whisker away from a seven-month trough. Chinese blue chips lost 1 per cent, though well within the tight trading range of the past three weeks.
Wall Street was in a better mood after a run of strong earnings, with Nasdaq futures up 0.3 per cent and S&P 500 futures 0.2 per cent. EUROSTOXX 50 futures also firmed 0.3 per cent, while FTSE futures gained 0.4 per cent.
Download The Economic Times News App to get Daily Market Updates & Live Business News.
