On Friday, domestic markets fluctuated amid conflicting global impulses. The S&P BSE Sensex rose over 100 points to trade at 58,054 levels, while key indexes Nifty50 stayed unchanged over 17,050 levels.
Nifty Smallcap 100 index rose somewhat more than Nifty Midcap 100 index, although overall markets remained mixed.
Sectorally, the Nifty IT index saw a gain of over 1%, while the Nifty Realty index had a loss of up to 0.2 %.
Shares of Bajaj Hindusthan Sugar increased by more than 2% among individual stocks after the company bought two firms for Rs 800 crore.
Moreover, Nibe’s stock increased more than 2% when it bought the remaining 50% of Indigenous Casting Technologies.
Government plans to propose LTCG modifications to debt MF schemes, sending AMC shares down.
The government has suggested taxing profits from debt mutual funds at the investor’s slab rate, regardless of the investment term, in an effort to eliminate the tax advantage enjoyed by these vehicles over bank fixed deposits.
Asset management company (AMC) stock prices saw sell-off pressure in the first minutes of trading. At 9.15 am, HDFC AMC was trading roughly 4% down. UTI AMC and Aditya Birla Sun Life AMC both saw a nearly 2% decline. Nippon AMC’s stock price went down 1%.
World cues
Friday saw a decline in Asian equities as Wall Street continued to be concerned about the safety of the banking system. Bonds wagered that the latest round of rate rises by central banks would be among the last of the cycle, allowing for policy respite later in the year.
The largest MSCI index of Asia-Pacific equities outside of Japan decreased 0.6% on Friday, wiping off some of the recent gains to end the week up 1.7%. The Nikkei in Japan also fell 0.4%.
As investors evaluated recent interest rate increases by central banks and indications of a potential slowdown in US monetary tightening, Tokyo equities started lower on Friday.
The broad Topix index dropped 0.39 percent, or 7.64 points, to 1,949.68 while the benchmark Nikkei 225 index down 0.31 percent, or 84.69 points, to 27,334.92 at the outset.
All three of the main U.S. market indices reversed an earlier surge, falling negative before reversing course in the dying minutes as Yellen continued her congressional testimony.
