INSUBCONTINENT EXCLUSIVE:
Indian markets joined global peers in a broad rally after the US equity markets rose overnight despite a high retail inflation print
A retreat in the US dollar and bonds, and oversold market conditions propelled the gains, market insiders said.
Domestic benchmark indices
BSE Sensex and NSE Nifty surged 2 per cent in early trade, but gave up nearly half the gains
left analysts puzzled, with some attributing it to buying by algorithm trading programmes, and others feeling that the sell-off in equities
The markets gave up much of the gains
We were much higher in the morning
The market has been flat this year despite the rallies and slumps
Advisors.
Andrew Holland, chief executive officer of Avendus Capital Alternate Strategies, said investors were comforted by the absence of
Moreover, the pound and some of the other currencies improved, and we had a slightly weakened dollar
rates by 75 bps each in the next two monetary policy meetings, and see the interest rate moving beyond 4.8 per cent before the monetary
tightening ends.
The US central bank has raised lending rates by 0.75 percentage points at each of its past three meetings, taking its
benchmark interest rate to 3-3.25 per cent
The series of rate hikes have intensified concerns that a prolonged slowdown might be the price of curbing inflation.
The market breadth
was mixed on Friday with 1,830 stocks advancing and 1,616 declining
The Nifty Midcap 100 index fell 0.1 per cent, finishing the week with nearly 3 per cent decline.
