Stock market highlights: Equity markets were volatile on Friday, swinging rapidly during the day, as every bargain buying witnessed selling pressure on top. The S&P BSE Sensex hit a high of 58,269, and a low of 57,851 during the day before closing at 58,191. It slipped 31 points, or 0.05 per cent, compared to Thursday’s close.
The NSE Nifty50, on the other hand, shut shop at 17,315, down 17 points or 0.1 per cent. The benchmark indices were weighed down by energy, IT, FMCG, and financial stocks with Tata Consumer Products, M&M, Coal India, BPCL, SBI, TCS, JSW Steel, Adani Ports, HCL Tech, and ITC being the top laggards. On the upside, Titan Company, IndusInd Bank, PowerGrid, Grasim, and Maruti Suzuki trimmed losses, rising over 1 per cent each.
In the broader markets, the BSE MidCap index fell 0.15 per cent, while the BSE SmallCap index added 0.3 per cent.
Rupee and bond yields
The rupee weakened to a new low against the US dollar on Friday as Federal Reserve officials in the US outlined a large quantum of rate hikes going ahead, leading to a stronger greenback globally. The rupee, which weakened past the 82 per dollar mark for the first time, hit a low of 82.42 per dollar during the day. Its previous low was 81.95 per dollar.
Meanwhile, yields on 10-year government bonds were back above 7.5 per cent during the day.
IPO Market :: Electronics Mart India
The three-day issue of the consumer durables company was subscribed 62 times till 3:30 PM with QIB portion at 138 times, NII at 60.4 times, and Retail at 19 times.
Global cues
European markets were mixed on Friday to round out a volatile week, as global investors await a key monthly jobs report out of the United States. The pan-European Stoxx 600 index was fractionally higher by mid-morning, with tech stocks falling 1 per cent while food and beverage stocks gained 0.9 per cent.
Markets in Asia-Pacific retreated on Friday, with Hong Kong’s Hang Seng index leading losses, while US stock futures were mixed in early premarket trade.
