Sensex Today: Investors anticipated India's retail inflation data for July as the markets saw a tumultuous day that ended marginally over the flat line on Friday. The Nifty was up 39.20 points or 0.22 percent at 17,698.20 at the close, and the Sensex was up 130.18 points or 0.22 percent at 59,462.78.
Among the top gainers on the Nifty index were ONGC, Tata Steel, NTPC, UPL, Power Grid Corp. Divis Lab, Apollo Hospitals, Infosys, Maruti Suzuki, and Tata Consumer Products were among the losers.
The Oil & Gas index increased by 2.5%, while the Metal and Power indices both gained 1.5%. The pharmaceutical index lost 1%, while the information technology index fell by 0.76 %.
Smallcap and midcap BSE indices finished slightly higher.
Shares of Oil India rose 1% among individual stocks as the state-owned explorer tripled its net profit to Rs 1,555.4 crore in Q1FY23.
Geojit Financial Services' chief investment strategist, Dr. V K Vijayakumar, stated: "The current market rise is primarily being driven by two factors: One is that capital flows into emerging countries are now made easier by the gradual decrease in the dollar index from above 109 to 105.26. Second, the re-entry of FIIs into the Indian market has fundamentally altered the mood of the local market. It is crucial to recognize how FIIs' strategy in India has completely changed as a result of their consistent buying over the past ten sessions.
The purchase amount from yesterday, Rs 2298 crore, is the highest in several months. This will give the market durability, along with the reality that India has the finest growth story for this year and the following. Investors should be cautious while riding this surge, though, as values are beginning to sag. Keep your money in high-quality growth stocks and refrain from chasing "cats and dogs."
On Friday, Japan helped lift Asian stocks, while Treasuries were neutral as investors assessed how high the Federal Reserve could raise interest rates to keep high inflation from rising. While Australia and Hong Kong faltered, Japan gained over 2% in a catch-up surge when its share market reopened after a holiday.
Despite new evidence of decreasing inflation, the Nasdaq declined to settle lower on Thursday as investors realized the Federal Reserve still needs to quickly raise interest rates to effectively contain increasing consumer costs. When reaching new three-month highs earlier, the S&P 500 dipped after data revealed that the US producer price index unexpectedly decreased in July.