Mumbai (Maharashtra) [India], August 21 (ANI): Indian benchmark indices ended the week on a unstable observe on Friday as elevated international bond yields, excessive crude oil costs and geopolitical issues continued to weigh on investor sentiment.
The Nifty 50 gained 20.15 factors, or 0.08 per cent, to shut at 24,252, whereas the BSE Sensex ended at 77,540.83, gaining 3.11 factors, or 0.00 per cent.
Vinod Nair, Head of Research, Geojit Investments, stated elevated international bond yields continued to stay a priority for the market.
‘The elevated international bond yields proceed to trigger fear out there. The current US Treasury’s transfer to ease the bond yields failed to supply lasting consolation, given surging crude costs and protracted inflation fears,’ Nair stated.
He stated India’s 10-year bond yield had moved to a two-month excessive following the RBI’s hawkish assembly minutes, pushed by home inflation dangers and tighter liquidity. At the identical time, Nair stated current providers PMI knowledge pointed to resilience within the home economic system regardless of uncertainty in international markets.
‘However, robust worth shopping for in monetary heavyweights fuelled by sturdy credit score progress and engaging valuations after the current correction helps the market commerce flat,’ he stated.
On the sectoral entrance, most main indices closed decrease, with Nifty Metal, Private Banks and Realty being the exceptions. The Nifty Auto index declined 0.64 per cent, whereas Nifty FMCG fell 0.71 per cent. Nifty IT declined 0.69 per cent, Nifty Media misplaced 0.37 per cent and Nifty Pharma fell 0.53 per cent. The Nifty PSU Bank index declined 0.46 per cent, whereas the Healthcare index fell 0.59 per cent.
Vikram Kasat, Head Advisory, PL Capital, stated the market remained largely range-bound, with home elements balancing continued international uncertainty.
‘The Indian markets have been largely restricted inside vary at present, with the Sensex and Nifty transferring modestly increased, reflecting a balancing act of constructive home elements versus continued international uncertainties,’ Kasat stated.
He added ‘Moving forward, the markets will proceed to be extremely unstable and stock-specific, with crude costs, overseas fund inflows, rupee motion, and worldwide traits being among the key elements,’.
Brent crude oil costs remained elevated at round USD 93 per barrel on the time of reporting. Gold costs rose greater than 1.2 per cent on Friday to Rs 1,61,240 per 10 grams for pure gold. Silver additionally gained greater than 1.27 per cent to Rs 2,46,321 per kg.
The Indian rupee was buying and selling at Rs 95.72 per US dollar, depreciating 0.023 paisa in opposition to the dollar.
In different Asian markets, Japan’s Nikkei 225 declined 0.60 per cent to shut at 65,825. Singapore’s Straits Times gained 0.30 per cent to five,688, whereas Hong Kong’s Hang Seng rose 1.28 per cent to 26,031. Taiwan’s weighted index gained 0.64 per cent to shut at 45,224, whereas South Korea’s KOSPI rose 0.87 per cent to six,912. (ANI)