Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD
Indian indices opened on negative note with Nifty around 15700 on the back of weak global cues. At the time of closing both the benchmark indices ended in the red with Sensex down by 150.48 points or 0.28% at 53026.97, and Nifty falling 51.10 points or 0.32% at 15799.10. During the day, Oil prices fell after rising in the previous three sessions but losses were limited on the view that global supply tightness will continue as there is limited room for major producers such as Saudi Arabia to boost production. US Federal Reserve policymakers promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn. Dollar slipped against most major peers as a decline in U.S. yields took some of the sheen off the currency. European Central Bank member Holzmann says there's ample room to hike to cool surging inflation. On the sectoral front, buying is seen in oil & gas, while bank, FMCG, IT and realty ends in red.
Nifty 50 top gainers are ONGC, NTPC, Reliance, Sunpharma & CoalIndia while HDFCLife, HUL, ApolloHosp, AxisBank & TataConsumer were among the top losers.