Nifty Posts Fourth Monthly Loss Of 2018 On Rising Oil, Trade Woes
Closing Bell: Nifty Posts Fourth Monthly Loss Of 2018 On Rising Oil, Trade Woes
Indian equity benchmarks halted their five-week winning streak on rising oil prices amid escalating trade tensions between U.S. and China.
For the week, the S&P BSE Sensex fell 0.75 percent to 35,423 and the NSE Nifty 50 index tumbled 1 percent to 10,714.
Rising oil prices have stoked fears that inflation will accelerate, and trade deficit could widen.
India’s Nifty 50 index declined for a fourth month in the first half of the calendar year.
“Second half will be difficult for Indian markets,” AK Prabhakar, head of research at IDBI Capital told BloombergQuint over phone. There are couple of state elections and general elections are also due next year which will keep the investors guessing, Prabhakar said.
“I am not comfortable with valuations and the selloff in mid and small caps can extend to large caps and second half can give negative returns as well,” Prabhakar added.
Market is likely to remain in a phase of consolidation going ahead as it is a pre-election year, says Shrikant Chouhan, senior vice president, equity technical research at Kotak Securities.
He expects Nifty to trade in range of 10,200 on downside and 10,900 on the upside.
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Market Check: Sensex Set To Halt Two-Day Declines, Surges Over 350 Points
- Indian equity benchmarks extended gains and were trading near intraday highs led by blue-chips like Reliance Industries, ITC, L&T and ICICI Bank.
- The S&P BSE Sensex rose 1 percent or 345 points to 35,382 and the NSE Nifty 50 index climbed 1.04 percent or 110 points to 10,700.
- All sector gauges compiled by BSE were trading higher led by the S&P BSE Utilities index's 2.4 percent surge.
- The overall breadth was extremely positive as 1,732 shares were advancing while 738 were declining on the BSE.
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