Mr Vishal Wagh, Research Head - Bonanza Portfolio
Nifty ends on flattish note amid weak global cues and profit booking in banking counters. Among sectors, IT, capital goods, and realty indices rose 1 percent each, while selling is seen in the auto, pharma, bank, FMCG sectors. BSE midcap and small-cap indices ended in the green. Both the indices closed at 18,255 and 61,223 respectively.
The index started on a weak note as Asian peers started in red. Going ahead 18,000-18,080 will be good short-term support for upcoming trading sessions and on the upside 18,340 will act as new immediate resistance. Traders will be keenly watching the upcoming budget session as they position themselves for the volatility and would be even booking profits before the big event. The broad structure of the index still remains in favor of bulls. Market breadth has remained in favor of declines at 2:3 with 20 stocks on the advancing side & 30 stocks on the declining side.
On the global front, European stocks dropped in early trading on Friday after more Fed policymakers signaled they will start to raise U.S. interest rates in March to combat inflation. Asian shares fell after Fed Governor Lael Brainard became the latest and most senior U.S. central banker to indicate that the U.S. Federal Reserve will hike rates in March.
Other Fed officials have also shown their willingness to raise rates, after data this week showed U.S. consumer prices surged 7% year-on-year.
Asian Paints, Axis Bank, UPL, HUL, and ONGC were the top Nifty losers, while gainers were Tata Consumer Products, IOC, TCS, Infosys, and L&T.