Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 halted a two-day winning run on Friday tracking five-week lows in other Asian markets, as Fed Chairman Jerome Powell’s remark the US central bank will move aggressively to curb inflation brought back fears of steep hikes in pandemic-era interest rates.
Anand Shah, Head-PMS and AIF Investments at ICICI Prudential AMC, points out that pockets such as manufacturing and mining are doing extremely well at a time when the broader market is not.
IndusInd, HDFC Life, Axis Bank, Grasim and Bajaj Finserv are also among the top losers.
The government’s current stance is to launch the LIC IPO broadly within a May 12 timeline, sources tell CNBC-TV18.
European markets begin the day in the red taking negative cues from Asian peers as investors fret about rate hikes in the US and the eurozone.
Amit Sajeja, VP-Technical Commodities and Currencies Analyst-Commodities at Motilal Oswal Financial Services, recommends buying MCX crude oil April futures at Rs 7,600 for a target of Rs 8,150 with a stop loss below Rs 7,300.
“Momentum indicator RSI is sustaining above 50 and is likely to turn higher, which could support the upswing in price.
Manik Taneja, Research Analyst-IT Services at JM Financial Institutional Securities, has HCL Tech and Infosys as his top picks in the Tier I technology space.
HCL Technologies shares hold on to most of their initial gains, a day after the software exporter reported its financial results for the January-March period.
PowerGrid, Coal India, Tech Mahindra and JSW Steel are also among the top gainers 30 minutes into the opening.