Afternoon Session: Nifty Pares Opening Losses, Supported by Bank & Fin Stocks

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Afternoon Session: Nifty Pares Opening Losses, Supported by Bank & Fin Stocks
Credit: © Reuters.

By Malvika Gurung -- Following weak global cues, the Indian equity benchmark indices opened lower Friday, led by weakness in industry heavyweights like Nestle India(NS: NEST ) and poor show put by IT stocks.

However, the domestic indices made steady gains and avoided sell-offs in the afternoon session, as Sensex climbed 0.2% and Nifty 50 , 0.23% at 2:11 pm.

Amid a still weak market, banking and financial stocks provided some support, with scrips of SBI (NS: SBI ), Bank of India (NS: BOI ), Axis Bank (NS: AXBK ) and SBI Life Insurance (NS: SBIL ), up 0.2-2.4% at the time of writing.

Nifty Bank gained 0.16%, Nifty Financial Services climbed 0.23% and Nifty PSU Bank was up 0.18%.

Fears looming around the Russia-Ukraine issue and the Fed’s aggressive monetary tightening continued to jitter the domestic market.

While US President Biden warned that it sees Russia as possibly invading Ukraine within the next few days, the US Secretary of State agreed to meet with the Russian counterpart next week.

The market is also shaken amid fears of the Fed taking aggressive rate hikes this year to keep the soaring inflation under control.

The Indian arm of the Swiss wealth management group Julius Baer (SIX: BAER ) believes that the elevated volatility could continue for some more months until there’s clarity on the inflation trajectory and the Fed action.

“Our preferred sectors include domestic cyclicals such as Financials, Industrials & Infra, Building Material and Auto”, added the company, quoted in an ET update.

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  • satyabrata nayak @satyabrata nayak
    you guys only writing story... are you investing in mkt..
    Like 2

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