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Indian benchmark equity indices, BSE Sensex and Nifty50, were trading with modest gains or near-flat in a volatile session on Friday.
Sensex Today.
Indian benchmark equity indices, BSE Sensex and Nifty50, were trading with modest gains or near-flat in a volatile session on Friday.
At 12 PM, the BSE Sensex had gained 97.73 points, or 0.13%, reaching 77,717.94, while the Nifty50 stood at 23,528.65, up by 2.15 points, or 0.01%.
After the opening, only seven of the 30 BSE Sensex stocks were in the green, with TCS leading the way up 4.48%, followed by Tech Mahindra, Infosys, HCLTech, Bajaj Finserv, Nestle India, and Bajaj Finance. The remaining stocks were in the red, with NTPC registering the largest loss at 2.98%, followed by IndusInd Bank, Mahindra & Mahindra, Power Grid Corp., and UltraTech Cement.
The Nifty50 index displayed a similar trend, with seven stocks, including TCS (up 4.51%), Tech Mahindra, Wipro, Infosys, HCLTech, Bajaj Finserv, Nestle India, and Bajaj Finance, trading higher. On the other hand, Shriram Finance led the losers, down 5.19%, followed by NTPC, Adani Enterprises, Hindalco Industries, and BEL.
Sector-wise, the IT index was the only one in the green, rising 2%, while most other sectors saw declines of around 1%. The Media index was the biggest drag, falling 2.32%, followed by the PSU Bank index, which dropped 1.67%. The Pharma, Metal, and Auto indices were each lower by 1.40%, 1.40%, and 1.35%, respectively. The Bank and Financial Services indices saw declines of 0.93% and 0.84%, respectively.
In the broader markets, the Nifty Midcap 100 index fell 1.77%, while the Nifty Smallcap 100 index declined by 1.36%.
Global Market Trends
In Asia-Pacific markets, the sentiment was mixed as investors digested Japan’s November data on pay and household spending. Japan’s real household spending for November dropped 0.4% year-on-year, a smaller decline than the 0.6% drop anticipated by economists, and a mild improvement over the 1.3% fall seen in October. Additionally, average real income per household in Japan rose 0.7% to 514,409 yen ($3,252.98).
In terms of regional performance, Japan’s Nikkei 225 fell 0.66%, and the broader Topix index declined by 0.52%. South Korea’s Kospi also dropped 0.41%, with the small-cap Kosdaq sliding 1.07%. Australia’s S&P/ASX 200 fell 0.64%.
Meanwhile, in China, Hong Kong’s Hang Seng index rose by 0.4%, the CSI 300 was up 0.03%, and the Shanghai Composite gained 0.07%.
US and Global Bond Market Moves
US Treasury yields pulled back from an eight-month high on Thursday, while the dollar strengthened against major currencies. This shift came as investors reassessed the Federal Reserve’s interest rate policy for 2025 amid signs of resilience in the US economy.
The benchmark 10-year US Treasury yield decreased by 0.45 basis points to 4.689%, having reached 4.73% on Wednesday, the highest level since April 2024. The pound, meanwhile, faced its steepest three-day drop in nearly two years, amid a selloff in global bonds and concerns about the UK economy, which has pressured British gilts and pushed yields to their highest levels in over 16 years.
Friday’s US payrolls report is highly anticipated, as it will provide further insight into the Fed’s policy trajectory. Markets are largely pricing in just one 25-basis-point rate cut in 2025.
Minutes from the Fed’s December meeting, released on Wednesday, showed concerns over President-elect Donald Trump’s proposed tariffs and immigration policies, which could extend the fight against inflation.
In the US, stock markets were closed on Thursday for the funeral of former president Jimmy Carter, while bond markets closed early at 1900 GMT.
European Market Performance
European stocks closed higher after paring early losses, driven by gains in healthcare and basic materials stocks. However, these were partially offset by declines in the retail sector. The pan-European STOXX 600 ended up 0.42%.
The US dollar index remained just below 109.54, a level it reached last week for the first time since November 2022. The index, which tracks the greenback against a basket of major currencies, rose by 0.12% to 109.15. The euro weakened by 0.18%, trading at $1.0299.
