Share market eyes weekly gains: How Sensex, nifty are battling Russia-Ukraine war
India Today
Aiding the market were expectations of a fall in oil prices and the government having the majority of votes in state elections, which offer stability for investment in emerging markets like India.
The share market gained marginally on Friday amid mixed global cues of stable oil prices and surging US inflation, as both Sensex and Nifty were set for their first weekly gain in recent weeks. The blue-chip NSE Nifty 50 index was up 0.30 per cent at 16,644.90 and the S&P BSE Sensex rose 0.36 per cent or 199.11 points to 55,663.50.
"The market texture indicates a strong possibility of range-bound activity in the near future...so buying on the downside and selling on rallies," said Shrikant Chouhan, head of equity research (retail), Kotak Securities, according to Reuters.
Aiding the market were expectations of a fall in oil prices and the government having a majority of votes in state elections, which offer stability for investment in emerging markets like India, Chouhan added.
Results of five state assembly polls were declared on Thursday. The BJP is set to form governments in four states - Uttar Pradesh, Uttarakhand, Goa, and Manipur.
Looking ahead, investors will eye the country's inflation data, due for release on Monday.
Economists in a Reuters poll said Indian retail inflation likely slipped marginally in February, thanks to lower food prices, but still warned that surging oil prices will push inflation much higher in the coming months.
In global markets, oil prices stabilised and were on track for their biggest weekly drops since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.
