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Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Nifty Closes Lower In Volatile Trade

OMMCOM NEWS by OMMCOM NEWS
October 13, 2023
in Business
Nifty

New Delhi:  Nifty ended Friday on a negative note post a volatile session. At close, Nifty was down 0.22 per cent or 42.9 points at 19751 points, says Deepak Jasani, Head of Retail Research, HDFC Securities.

Volumes on the NSE rose towards recent average volumes. Broad market indices closed almost flat even as the advance decline ratio dropped to 0.88:1.

Global equities slipped on Friday after U.S inflation data fuelled concerns about interest rates staying higher for longer, while persistent deflationary pressures reflected in the latest consumer and producer inflation data from China added to jitters about the global economy, he added.

Elsewhere, the conflict in the Middle East looks set to escalate as Israel’s military on Friday called for all civilians of Gaza City, more than 1 million people, to relocate south within 24 hours, as it amassed tanks near the Gaza Strip ahead of an expected ground invasion.

An escalation of Israel’s war with Hamas, drawing in Iran, could send crude oil to $150 a barrel and cut about $1 trillion off world economic output, according to Bloomberg Economics, he added.

India’s merchandise deficit eased to a 5 month low amidst a sharper decline in imports. The merchandise trade deficit fell to $19.4 billion September, compared to $24.2 billion in August and $27.98 bn in September 2022.

Exports fell by 2.6 per cent annually to $34.5 billion; Imports fell by 15 per cent annually to $53.8 billion. Exports were flat on a sequential basis, while imports fell by 8.2 per cent, he said.

Vinod Nair, Head of Research at Geojit Financial Services said weak revenue guidance of the IT sector and the current uptick in crude prices weighed on the sentiment. While higher-than-expected US inflation data pulled down the week’s early uptrend, which was positive on remark of less hawkish US Fed meeting.

However, some optimism was visible from domestic factors like a steep decline in domestic inflation and impressive industrial production data, along with bright earnings expectations for Q2, he added.

(IANS)

Tags: Nifty
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