New Delhi: Indian equity benchmarks closed the week on a negative note due to volatility in the global market, said analysts.
“…a shrink in the US economy and rate hike expectations in the upcoming Fed meeting triggered sell-off in the global market,” said Vinod Nair, Head of Research at Geojit Financial Services.
Domestic market reduced exposure ahead of the shortened next week and opening of India’s largest IPO, he said.
Besides, dips are encouraging investors to accumulate quality stocks with focus on defensives and domestic growth sectors like manufacturing and capital goods.
On Friday, Sensex closed at 57,061 points, down 0.8 per cent or 460 points, while Nifty ended at 17,102 points, down 0.8 per cent or 142 points.
“Markets remained volatile and ended with a cut of nearly a percent, in continuation of the prevailing consolidation phase. The benchmark opened higher amid supportive global cues and inched higher gradually as the day progressed,” said Ajit Mishra, VP – Research, Religare Broking.
However, the news of war intensifying between Russia-Ukraine completely changed the tone in the latter half.
“The selling pressure was widespread wherein banking, auto and energy lost maximum,” Mishra said.