LIVE Updates: Nifty back above 19,400, Sensex turns green; IT stocks shine
“Nifty restricted its move to 230 odd points in the eventful week, showcasing timidity among the counterparties. Technically speaking, amidst the ongoing consolidation in the market, the chart structure construes a time-wise correction, which is to be taken as a healthy sign in a bullish market scenario,” Osho Krishan, Angel One, said Benchmark equity indices Sensex and Nifty declined for a second straight day on Friday due to selling in banking, FMCG, and pharma shares amid a negative trend in Asian and European markets. The domestic markets traded weak post the RBI monetary policy and the unexpected announcement of reducing cash in the banking system.The 30-share BSE Sensex fell by 365.53 points or 0.56 per cent to settle at 65,322.65. During the day, it tanked 413.57 points or 0.62 per cent to 65,274.61The NSE Nifty declined by 114.80 points or 0.59 per cent to end at 19,428.30. Here's how analysts read the market pulse: “Global markets faced volatility due to weak signals such as declining Chinese exports and the rating downgrade of US small and mid-sized banks. Despite lower-than-expected US CPI and better-than-anticipated UK GDP figures, global market sentiment remained subdued. Amid rising inflation concerns, investors are closely monitoring the domestic CPI data for July, which is projected to show a significant increase due to rising food prices,” Vinod Nair,Head of Research at Geojit Financial Services, said.