Sensex Today: Indian shares opened higher on Friday, as strong earnings reports, including from Axis Bank, helped resist the weakness in global markets on fears of the impact of aggressive rate hikes from central banks on economic growth and corporate results.
A range-bound trade ended on a flat note on Friday as weak global cues amid escalating crisis in Ukraine weighed on investor sentiment. The S&P BSE Sesex, which hit a high of 59,591 in intra-day trade, settled at 59,307, up 104 points or 0.18 per cent.
The Nifty50, meanwhile, closed at 17,576, up 12 points or 0.07 per cent, after hitting a high of 17,670 during the day.
The gains in benchmark indices were led by Axis Bank (up 9.5 per cent), HUL, ICICI Bank, Kotak Bank, SBI Life, and Apollo Hospitals. On the downside, Bajaj Finserv (down 3.4 per cent), Bajaj Finance, Divis Labs, Adan Ports, UPL, Asian Paints, and L&T capped upside.
In the broader markets, the BSE MidCap and SmallCap indices dipped 0.75 per cent and 0.6 per cent, respectively. Sectorally, The Nifty PSU Bank and Private Bank indices gained the most, up 1.8 per cent and 1.6 per cent, respectively, while the Nifty Pharma index fell 0.8 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Selling emerged in the second half led by a weak start to the European market due to the fear of tight monetary policy. Domestic investors maintained their caution and began to book profits in anticipation of the truncated week. Good start to Q2FY23 results by Banks, IT, and FMCG stocks maintained stability in the market but Mid & Small caps were heavily impacted. The rise in credit growth to a 10 year high of 17.94% YoY in October added colour to financial stocks.”
Global Cues
Asian shares tracked Wall Street lower on Friday while Treasury yields scaled 14-year highs as the prospect of aggressive interest rate hikes from the Federal Reserve and recession risks soured investor sentiment.
Tokyo shares opened lower Friday, extending losses after falls on Wall Street as US Treasury yields rose, reflecting fresh rate hike worries. The benchmark Nikkei 225 index slipped 0.37 percent, or 101.18 points, to 26,905.78 in early trade, while the broader Topix index fell 0.44 percent, or 8.37 points, to 1,887.04.
US stocks closed lower on Thursday as data on the labor market and comments from a U.S. Federal Reserve official reinforced expectations the central bank will be aggressive in hiking interest rates outweighed a flurry of solid corporate earnings.
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