Transcript
Hi everyone, I am Neha Vashishth and you're listening to ETMarkets Watch - your daily market wrap-up!
Indian equity indices closed in the red for the sixth consecutive day on Friday, dragged by the HDFC twins, banking and IT stocks. It was their worst week in over 8 months on fears of aggressive interest rate hikes by global central banks and a fall in liquidity.
Sensex declined 142 points or 0.24% to settle at 59,463. Nifty dropped 46 points or 0.26% to end at 17,465. Meanwhile, the market capitalisation of all listed companies on the BSE declined by Rs 6.79 lakh crore to Rs 260.07 lakh crore this week.
From the Sensex pack, M&M, Tata Steel, Tata Motors, Maruti and L&T were the top laggards, falling about 1-2.5%. On the other hand, Asian Paints, Bajaj Finserv, Reliance, Power Grid and NTPC ended with gains.
Coming to big names - Shares of SpiceJet ended with over 12% gains after its Q3 net profit jumped more than double to Rs 110 crore.
Adani stocks continued to be under selling pressure with 8 out of 10 counters in the red zone. Adani Green Energy, Adani Power, Adani Total Gas, and Adani Transmission ended with a 5% lower circuit.
Sector-wise, Nifty Metal fell 3% and Nifty PSU Bank declined 88%. Nifty IT and Nifty Auto also closed lower. In the broader market, Nifty Midcap50 dropped 0.35%, while Smallcap50 ended flat.
Vinod Nair, Head of research at Geojit Financial Services said, "The domestic market is broadly demonstrating a lack of confidence, registering its sixth consecutive day of losses despite global markets turning green. Continued selling in the domestic market by FIIs is acting as an overhang in sustaining the early gains."
Talking about the global markets, Asian share markets were dragged lower by the slide in Chinese stocks on Friday, the Nikkei share index was up 1.1%. China's Shanghai Composite fell 0.62%, and South Korea's Kospi dropped 0.63%. Hong Kong's Hang Seng on the other hand declined 1.68%.
UK shares rose on Friday as energy giants took an early lead supported by higher oil prices, but the stock market was set for a weekly decline.
Crude Price
Oil prices extended gains for a second straight session as the prospect of lower exports from Russia offset rising inventories in the US and concerns over global economic activity. Brent crude futures rose 1.28% to $83.26 per barrel. West Texas Intermediate crude futures (WTI) rose 1.26% to $76.34.
Lastly, talking about the mighty Rupee, Rupee was largely flat today and for the week versus the dollar. The rupee was little changed at 82.75 per dollar, and was slightly up from last Friday's 82.83.
That's it for today, I'll see you on Monday till then stay tuned with ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your weekend!
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