Sensex Today: Despite the fears that Federal Reserve’s 75 bps rate hike may trigger a widespread recession, benchmark equity indices opened higher on Friday, reversing previous day losses. The S&P BSE Sensex languished in the negative zone for the major part of the trading day, but eventually ended 114 points higher at 60,950 owing to the late buying. The NSE Nifty 50 settled with a gain of 64 points at 18,117.
Among the Sensex 30 shares, Bajaj Finserv surged 4.5 per cent to Rs 1,801. Tata Steel and UltraTech Cement vaulted 2.5 per cent each. SBI, Reliance Industries, Asian Paints and Bajaj Finance were the other major gainers.
On the other hand, Dr.Reddy’s slipped 1.5 per cent. Hindustan Unilever, Infosys and HDFC Bank were the other notable losers.
The broader market, however, ended on a mixed note. The NSE Midcap index was down 0.3 per cent, while the Smallcap index added 0.4 per cent. India VIX declined 1.8 per cent on Friday.
Sectorally, the NSE Metal index surged over 4 per cent. The PSU Bank and Media indices were up a per cent each. The Pharma index, however, slipped a per cent.
Among individual stocks, Adani Enterprises surged 6.7 per cent to Rs 3,832 after the company’s consolidated net profit for the quarter ended September (Q2FY23) more-than-doubled versus last year to Rs 461 crore.
Besides, shares of Hindustan Petroleum Corporation Limited (HPCL) shed 3.5 per cent to Rs 203.55 after the company posted a consolidated net loss of Rs 2,172.14 crore in Q2FY23.
Global Cues
Asian equities rose on Friday, boosted by Hong Kong and China stocks, while the dollar was set for its best week in more than a month as investors priced in the prospect of the Federal Reserve taking interest rates above 5 per cent next year. MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.09 per cent higher, while Australia’s S&P/ASX 200 index rose 0.27 per cent.
Tokyo stocks opened lower on Friday, with investors disheartened by falls on Wall Street and focus shifting to key US jobs data due later in the day. The benchmark Nikkei 225 index was down 1.34 per cent, or 371.41 points, at 27,291.98 in early trade, while the broader Topix index slipped 0.86 per cent, or 16.69 points, to 1,923.77.
US stocks closed lower for a fourth consecutive session on Thursday as economic data did little to alter expectations the Federal Reserve would continue raising interest rates for longer than previously thought.
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