Sensex Today: Equity markets traded higher on Friday. Key indices Nifty50 climbed over 50 points to trade above 17,800 levels and the S&P BSE Sensex climbed over 300 points to hit a high of 60,071 levels
The broader markets, however, were subdued in trade as Nifty MidCap 100 and Nifty SmallCap 100 indices slipped up to 0.3 per cent. Volatility gauge, India VIX, meanwhile, slipped over 1 per cent.
All sectors shifted between gains and losses. Nifty Oil & Gas, Nifty Auto and Nifty FMCG indices led the charge as they surged up to 1 per cent. Nifty Metal index, however, was the worst sectoral performer as it declined over 1 per cent.
Among individual stocks, profit-booking was seen in SBI Cards as shares plunged over 7 per cent after the company reported 52 per cent YoY jump in net profit to Rs 526 crore in Q2FY23.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said:” The near-term market construct is clearly ‘advantage bulls.’ There are many factors going in favour of the bulls like strong Q3 GDP numbers (2.6%) in the US, easing recession fears, indications of declining inflation and expectations that Fed might pause rate hikes in Q1 of 2023.”
“In India, even though valuations look high from the short- term perspective, there are favourable factors that can take the market higher. The important positive is the decline in US 10-year bond yield to below 4% which will persuade the FPIs to buy rather than sell in the near-term. The encouraging Q2 results will provide fodder to the bulls. Nifty is already up by 6% in October and the trend looks set to continue. The resilience of banking, select autos, capital goods and telecom might continue,” he added.
Global Cues
Global markets, however, remain subdued. Shares in the Asia-Pacific fell this morning with Australia’s S&P/ASX 200 down 0.49 per cent. The Nikkei 225 in Japan, too, fell 0.65 per cent in early trade, while the Topix 0.12 per cent lower. South Korea’s Kospi was fractionally higher. MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.26 per cent.
Futures tied to the Nasdaq dropped 0.7 per cent. Dow Jones Industrial Average futures fell 0.5 per cent, and S&P 500 futures lost 0.1 per cent early today.
Overnight, the Dow Jones Industrial Average settled 0.61 per cent up; the S&P 500 lost 0.61 per cent; and the Nasdaq Composite dropped 1.63 per cent as investors contended with solid economic data and a mixed bag of corporate earnings.
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