BENGALURU (Reuters) – Indian stocks were quiet on Friday after global stocks fell on concerns over aggressive stances by central banks around the world and a reaction to key corporate earnings got off to a good start.
The Nifty 50 Index (.NSEI) was down 0.14% at 18,083.15 at 9:54 am IST, while the S&P BSE Sensex (.BSESN) was down 0.13% at 60,775.96.
Wall Street stocks fell overnight on Thursday, with data pointing to a strong labor market and raising fears that the fastest rate hike cycle in the US since the 1980s could be put on hold.
European stocks also fell, recording the worst trading day of 2023 after European Central Bank President Christine Lagarde underscored the central bank’s resolve to tackle rising inflation through rate hikes.
MSCI’s Ex-Japan Asia Pacific Equity Index (.MIAPJ0000PUS) rose 0.44% as Asian markets recovered from Friday’s mixed start.
Hindustan Unilever (HLL.NS) posted the biggest decline in the Nifty 50 Index, down more than 4% after the company announced it would pay high royalties to parent company Unilever. Third quarter net income exceeded expectations.read more
The second-highest-weighted fast-moving consumer goods stock trailed the FMCG index (.NIFTYFMCG), down 1%.
The fall in the FMCG index was offset by gains in financial stocks (.NIFTYFIN), which rose 0.5% above Saturday’s key gains from private banks ICICI Bank (ICBK.NS) and Kotak Mahindra Bank (KTKM.NS) was done.
Reliance Industries (RELI.NS), India’s top company by revenue and the Nifty 50’s most weighted stock, fell nearly 1% on earnings after Friday’s after-market results.
($1 = 81.4400 Indian Rupee)
Reported by Bharath Rajeswaran, Bangalore. Edited by Janane Venkatraman and Dhanya Ann Thoppil
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