Mumbai: After swinging between gains and losses through the day, Indian share indices ended up for the fourth consecutive session on Friday but gains were capped as investors remained on the edge. The benchmarks, however, ended up over 2% for the week, recording their first weekly gain in five weeks.
The Sensex ended up 85.91 points, or 0.15%, at 55,550.30 while the Nifty ended up 35.55 points, or 0.2%, at 16,630.45.
Europe’s Stoxx 600 climbed 2% on Friday after Russian President Vladimir Putin said talks with Ukraine have shown some progress. Dow Jones futures surged 260 points at the time of going to press. Brent crude futures slid 0.4% to $108.87 a barrel. Market participants said next week the focus is likely to be the US Federal Reserve’s rate-setting meeting. If the European Central Bank’s announcement that it will phase out its stimulus in the third quarter is to go by, the Fed will also likely increase rates to contain inflation.
The strong performances of the Bharatiya Janata Party in the state elections boosted sentiment on Dalal Street. Stability in oil prices has also lent relief to Indian markets after the price of the commodity hit its highest level since 2008 recently.
“With election behind, the equity markets will move on to more important aspects in the near term – the Russia-Ukraine geopolitical conflict, the US Fed rate hike, elevated crude oil prices and the RBI’s response to rising inflationary pressures in the economy,” said Siddhartha Khemka, head – retail research, Motilal Oswal Financial Services. “We expect markets to stay volatile until the existing headwinds subside.”
Sun Pharmaceutical ended as the top gainer on the Sensex, rising nearly 4%. Dr Reddy’s Laboratories, ITC, Power Grid Corporation of India and Titan ended up 1-2%.
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