Closing Bell: Markets end flat on weekly expiry; oil & gas, metal drag

Pulled down by the Oil & Gas and Metal sectors, domestic equity markets closed flat with negative bias on weekly expiry day on Thursday. Benchmark Nifty managed to close above 17,200, while the 30-share Sensex Sensex ended the day at 57,794.32 after trading in the narrow range of 0.50% on either side.

Most of the broader market and sectoral indices closed either flat or negative on Thursday. The 12-share banking index Bank Nifty closed flat with positive bias at 35,063.60, a gain of 0.05%
Reliance Industries Limited (RIL), JSW Steel, Tata Steel, Bajaj Auto, UPL, Maruti State Bank, Bajaj Finance and Bjaaj Finserv were among the stocks that dragged the market the most.

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NTPC, IndusInd Bank, HCL Tech, Wipro, TCS, Dr Reddy's and Titan.  
eanwhile, in positive development for market participants, it is expected that FIIs` inflows are expected to gather strength in 2022 on the back of faster economic recovery in India after a massive pull-back of funds, analysts told IAN

"With more than 10 per cent correction witnessed recently, valuations are no longer expensive. Further, India witnessed highest GDP growth globally among the emerging economies, while many other economic parameters are seeing sustained pick up and have crossed pre-covid levels," said Sneha Podar, AVP Research, Broking & Distribution, MOFSL.

Sneha said earnings momentum too is expected to continue as we are in the beginning of a new earnings cycle. "Hence we expect the FII flows to return in 2022 in the secondary market. Primary market too would continue to attract FII interest given the humongous IPO pipeline planned for 2022," she said.  

According to Vinod Nair, Head of Research at Geojit Financial Services: "FIIs have been net sellers in the Indian market since April 2021 anticipating a change in the world equity market due to tapering & high valuation. And their selling has been lower than in other EMs, and raised as the best performing peer."  

"The reduction in QE has started and valuation is moderating. Post the ongoing consolidation, the future investment pattern will be in-line with improvement in the economy. We presume that the Indian market is in the last phase of a consolidation and inflows will improve by the later part of the year."