MARKETS LEVEL OFF IN VOLATILE TRADE, AS THE HDFC TWINS EXCEL

 

After a volatile session on Friday marked by worries about the global economy and central bank rate hikes, the BSE Sensex concluded the week with modest gains.

According to dealers, the rupee's decline and the withdrawal of foreign funds further reduced risk taking.

The 30-share Sensex fluctuated between gains and losses over the trading period before closing barely 36.74 points, or 0.06 percent, higher at 58,803.33 at the close of the session.

The NSE Nifty fell 3.35 points, or 0.02 percent, to close at 17,539.45.

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With a 1.75 percent gain, HDFC led the Sensex group of companies. ITC, Larsen & Toubro, HDFC Bank, Axis Bank, NTPC, Kotak Mahindra Bank, and SBI were the next best performers.

However, the laggards, which saw losses of up to 1.19 percent, included Tata Steel, Infosys, Maruti, Reliance Industries, IndusInd Bank, Nestle India, and PowerGrid.

"The market has struggled to find a clear direction today as selling pressure was prevalent across the board on international markets before to the release of US jobs data, which may shed light on future Fed measures.

"Despite the fact that the prospects for sluggish global growth remain a cause for concern, oil prices surged ahead of the OPEC+ meeting on the assumption of a drop in supply. The enhanced volatility of the domestic market in the near future may be caused by a surging dollar index and rising US bond yields, according to Vinod Nair, Head of Research at Geojit Financial Services.

The Sensex fell 30.54 points (0.05%) during the holiday-shortened week, while the Nifty dropped 19.45 points (0.11%).

"Despite numerous global headwinds, Indian markets have shown resilient. Although markets may remain volatile in the immediate future over a wider range, we are optimistic about the mid- to long-term outlook due to favorable domestic macroeconomic conditions, solid fundamentals, profits growth, and a positive holiday season.

With activity in specialized midcap sectors, the broader market has been outperforming well and is likely to stay popular, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.

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