Indian shares moved in a narrow range before closing on a flat note Friday.
A cautious undertone prevailed as investors awaited earnings results from heavyweights Reliance Industries and ICICI Bank for directional cues.
Global cues were muted, and the dollar rebounded as investors factored in the possibility of additional rate hikes by the Federal Reserve.
Philadelphia Fed President Patrick Harker said on Thursday that “some additional tightening may be needed to ensure policy is restrictive enough” to support the Fed’s dual mandate of keeping both unemployment and inflation low.
Closer home, the fight against inflation is far from over and the latest pause in repo rate is tactical and not a pivot or a change in policy direction, according to this month’s Monetary Policy Committee (MPC) meeting released on Thursday.
The benchmark S&P/BSE Sensex ended the session up 22.71 points, or 0.04 percent, at 59,655.06 while the broader NSE Nifty index ended little changed with a positive bias at 17,624.05.
Cipla, Wipro, Britannia Industries, TCS and ITC jumped 1-2 percent in the Nifty pack, while Tata Steel, SBI Life, Adani Enterprises, Tech Mahindra and HDFC Life lost 2-3 percent.
Market Analysis
Sensex, Nifty End Choppy Session On Flat Note
2023-04-21 10:29:22
