Good business on the last day of the week in the share market, two dozen stocks including SBIN shone
Other banking stocks including BajajFinserv, Sun Pharma saw a rise on Friday. Due to this, the main index of BSE opened with an increase in the morning. After opening the stock market went up to 52586 points high. The Sensex was trading at 52457 points till the time of writing the news. At the same time, the Nifty 50 index was also trading 24 points higher at 15715 points.
A day ago
However, on Thursday, there was a fall in the stock market for the second consecutive day. The BSE Sensex closed down 179 points. Domestic markets came down with losses in HDFC Bank, HDFC Ltd, ICICI Bank, and Axis Bank amid negative trends in global equity markets. The 30-share BSE Sensex closed at 52,323.33 points, down 178.65 points, or 0.34 percent.
The National Stock Exchange’s Nifty (NSE Nifty) also closed at 15,691.40, down 76.15 points, or 0.48 percent. IndusInd Bank was the biggest loser in the Sensex shares, down about 3 percent. Apart from this, Dr. Reddy’s, NTPC, Maruti, Axis Bank, Bajaj Auto, Bharti Airtel, and HDFC were also losers. On the other hand, other stocks including UltraTech Cement, TCS, Asian Paints, and Infosys were among the gainers.
S Ranganathan, Head of Research, LKP Securities, said the bulls have retreated in view of the US Federal Reserve’s economic forecast. Investors are wary of slowing economic growth in emerging markets as compared to developed countries. The Federal Reserve has said it will raise the standard short-term policy rate twice by the end of 2023. This will have an impact on consumer and company debt. Earlier, the US central bank said that there is no forecast of a policy rate change before 2024.
Other markets condition
In other Asian markets, Shanghai and Hong Kong edged up, while Seoul and Tokyo declined. Major markets in Europe also declined in early trade. International oil standard Brent crude was up 0.09 percent at $74.46 per barrel.