Mumbai, March 22 (IANS) The domestic equities joined the global rally on Friday after the central banks in the US and the UK kept rates unchanged, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
After a subdued start, the Nifty edged higher to close with gains of 85 points at 22,097, while the Sensex advanced 190.75 points to finish at 72,832 on Friday.
The broader market too ended in the green. Barring IT, all sectors ended in green with auto, pharma, and realty stocks being top gainers, Khemka said.
The IT sector saw some selling after US technology major Accenture lowered its revenue forecast for FY24. Accenture revised its full-year revenue growth projection at 1 per cent to 3 per cent from 2 per cent to 5 per cent.
The markets opened weak, but soon gained momentum, including broader space amid positive cues.
“Next week being a truncated week and the derivatives’ monthly expiry, we might see some volatility while Nifty is likely to consolidate at higher levels. Also, US GDP data and other key economic data would keep investors busy,” Khemka said.
The domestic market swiftly rebounded from an initial downturn and maintained a positive trajectory throughout the day, said Vinod Nair, Head of Research, Geojit Financial Services.
The markets were buoyed by favourable global cues driven by dovish comments from the Bank of England and buying activity at lower levels in the wake of a recent sell-off, he said.
Additionally, the retreat of crude oil prices from recent highs contributed to the positive sentiment. While most sectors experienced gains, the IT remained in the red due to subdued guidance from Accenture, a major global IT player, Nair added.
–IANS
san/arm
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
