The Indian market ended positive on Friday despite weak global cues and rising geopolitical tensions as the market welcomed the results of state elections, which saw BJP sweeping to power in four out of five states on Thursday.  

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Benchmarks Nifty50 and the S&P BSE Sensex settled 0.21 % and 0.15% higher respectively buoyed by Pharma, healthcare and PSU Bank.  

The Nifty managed to hold on to 16,600-level, while the Sensex added 85 points to close at 16,630.45 and 55,550.30 respectively.  

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Smallcap, midcap & financial stocks still offer good scope for investors to buy on bottoms-up basis, say experts.  

Midcap and small cap indices too ended over half per cent higher on Thursday.  

"Indices remained range bound today on worries over increasing cost pressures on corporates, rising inflation globally and slowing automobile despatches to dealers amidst supply constraints," said S Ranganathan, Head of Research at LKP securities. 

Pharma stocks bucked the trend with the Healthcare Index moving up and the breadth in the broader markets was encouraging, he said. "Sugar stocks gained post election results and ethanol push while Paper stocks were in demand post price hikes that are seen to offset input cost pressures," he added.

Meanwhile, Cipla, BPCL, Sun Pharma, JSW Steel, IOC, Dr Reddy, Power Grid, IOC, ITC, Titan and Asian Paints surged, while Nestle India, Maruti, Tata Motors, Eicher Motors, Tata Consumers, Maruti, NTPC and Axis Bank dragged the benchmarks the most.  

"The Indian equity markets, in line with the global markets, continue to display a very high level of volatility, reacting to the bouts of incremental news flow on the geopolitical front," said Milind Muchhala, Executive Director, Julius Baer 

He further said while the markets were preparing for the known unknowns of Fed action, state elections and the big-ticket LIC IPO, the Russia-Ukraine turmoil clearly emerged as a tail risk, adding to the uncertainty for both the short-term and the medium-term.   

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)