New Delhi– Value buying as well as positive global markets pushed India’s key indices — S&P BSE Sensex and NSE Nifty50 — higher on Friday, a day after it suffered heavy loss.
However, the upside was capped due to persistent selling pressure by FIIs. On the BSE, NSE and MSEI in the capital market segment, they net sold Rs 4,470.70 crore worth of equities.
Consequently, Sensex settled 2.4 per cent or 1,329 points up at 55,859 points, whereas Nifty 2.5 per cent or 410 points up at 16,658 points.
In the process, both the indices became the best performer in the Asian region.
Globally, Asian markets rebounded on Friday and European stocks too traded higher following Wall Street’s surprising overnight reversal, as investors weighed the longer-term impact of tough Western sanctions against Russia after it unleashed troops, tanks and missiles on Ukraine.
“Nifty recovered smartly on Friday in line with most global markets,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“While the developments on the Russia Ukraine front will keep influencing the directions of the market, resumption of supply disruptions and commodity inflation will hurt a lot of economies at a time when they were starting to recover post Omicron threat.”
In addition, Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services: “While markets have seen a pullback – volatility is expected to remain high over the next few days. Market will be keeping a close watch on the ongoing Russia Ukraine conflict over the weekend for any further cues.”
“For the near term, Thursday’s low of 16,200 may act as a strong support. While traders need to remain cautious of sharp volatility, Investors can use the current dip to gradually add quality blue chip companies in their portfolios.”
In addition, Vinod Nair, Head of Research at Geojit Financial Services: “Domestic indices staged a firm recovery tracking positive cues from global markets and took advantage of lower valuations following the massive sell-off in the previous session.”
“Global markets took a breather as the fresh US sanctions did not target Russia’s oil exports nor their access to the Swift global payment network. However, the market will continue to remain volatile tracking new developments in the Russia-Ukraine war.” (IANS)
