Stocks in focus: Rajesh Palviya of Axis Securities recommends United Spirits, Deepak Nitrite, and Nippon Life today
Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, began Friday's session lower, mirroring Asian peers as strong US inflation data dampened expectations of an early Federal Reserve rate cut. Given that Tata Consultancy Services is scheduled to release its financial results later today, spotlight will shift to the domestic earnings season.
As of 9:21 IST, the S&P BSE Sensex had lost 0.22% to 74,880.15, while the NSE Nifty 50 had fallen 0.24% to 22,700.35. According to Dr.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the US bond yields have increased due to the country's higher-than-expected inflation rate. Although this is negative for foreign portfolio investments, it is not expected to have an effect on the robust Indian market, where domestic liquidity is the primary driver of the surge.
Amidst mixed global cues ahead of US inflation data, metal, public sector undertakings (PSU) banks, and oil and gas companies led the way as the Sensex and Nifty 50 concluded the session on a bullish note on Wednesday. The NSE Nifty 50 rose 0.49% to 22,753.80, hitting an all-time high in intraday trading for the third day in a row, while the S&P BSE Sensex gained 0.47% to 75,038.15.
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