Mumbai (Maharashtra) [India], May 10 (ANI): Indian stock markets experienced a slight gain during Friday’s session following a slump in stock indices on Thursday.
The Nifty 50 index rose by 0.44 percent to close at 22,055, while the Sensex gained 260.3 points to close at 72,664.47. With the exception of the IT, Realty, PSU Bank, and Bank sectors, all other sectoral indices recorded gains. The Metal, Oil & Gas, FMCG, and Auto sectors led the upward trend.
“This week has two words to describe it: Jittery and Volatile. Jittery foreign investors kept pressing large outflows. India Vix went up for a 12th day to a 19-week high” said Ajay Bagga, Banking and Market expert.
He further added “We still feel given this is mostly Elections related jitters, this will continue till June 1 when exit polls come and then June 4 will see markets looking ahead and rallying. Three weeks of pain incoming. Brace yourself for more pain. Unfortunate but probable”.
In the Nifty 50 list, BPCL, Power Grid, NTPC, Hero Motocorp, and Eicher Motors emerged as the top gainers, while TCS, Cipla, LTIM, Kotak Bank, and Infosys were among the top losers. According to market statistics from the NSE, a total of 2,703 stocks traded on the exchange, with 1,660 closing in the green, 926 declining, and 117 remaining unchanged.
“Indian markets largely remained positive; however, a trend of sell-on rally is emerging given domestic premium valuation and election jitters creeping in the minds of investors given lower voter turnout.” said Vinod Nair, head of research at Geojit Financial Services
He further added, “Financials remained weak on account of signs of contraction in NIMs and the RBI’s regulatory actions. FIIs continue to remain sellers given delays in rate cuts, inflationary concerns, moderation in corporate earnings, and premium valuation. Apart from US consumer and inflation data, the possibility of US tariff actions on Chinese EV companies will attract market attention.”
The broader market indices closed in the green during Friday’s session, with Nifty Midcap 50 and Nifty Midcap Select emerging as notable gainers after gaining more than 1 percent.
Foreign portfolio investors (FPIs) have turned net sellers in Indian stocks lately, with NSDL data showing cumulative sales worth Rs 8,671 crore in April and Rs 10,413 crore so far in May.
In the commodities market, oil prices extended gains for a third consecutive day, supported by key technical levels, while gold prices rose after a notable increase the previous day. WTI Crude oil futures extended gains amid optimism on Chinese and US demand, with Chinese crude oil imports increasing in April, signaling improving demand. Meanwhile, a surge in US weekly jobless claims bolstered expectations for Federal Reserve interest rate cuts this year. (ANI)
