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In some respite to D-Street investors, the benchmark indices finally managed to end their four-day losing run as Sensex rose over 300 points and Nifty managed to reclaim the 16,000 mark to pare some of this week’s losses. Most sectors and major bourses ended in the positive territory.
However, the headline indices snapped their 3-week winning run, dragged by IT counters. Nifty IT was the worst sectoral performer this week, falling over 6 per cent, led by losses in
and .
“Investors have turned their focus on upcoming Fed policy in the backdrop of heightened US inflation,” said Vinod Nair of
.
Volatility in rupee and crude prices, rising inflationary concerns and a disappointing start to Q1 earnings have kept sentiments in check.
For the day,
, , , L&T, and M&M rose more than 2 per cent while , , and HCL Tech cracked over 2 per cent each.
Energy stocks gained after reports said that the government may review the windfall tax on petrol and diesel exports after a sharp decline in crude oil prices.
The auto index gained 2% on expectations for strong sales, while the fast-moving consumer goods index rose 1.5%, buoyed by weaker key raw material prices including wheat and palm oil.
Shares of Syngene International ended up 4.4% after it signed a 10-year biologics manufacturing agreement with U.S.-listed animal health company Zoetis.
The rupee hit a record low on Friday, continuing its downward spiral, as a weak outlook for global growth prompted investors to dump riskier assets, although easing crude prices limited its fall. Meanwhile, world stocks attempted a move higher on Friday after four days of losses.
(With inputs from agencies)
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