F&O expiry, Q2 earnings, IPOs will dictate the trend of the stock market in the forthcoming week
Recent outperforming high beta counters witnessed a sharp profit booking that dampened the broader markets and the rub-off effect on markets
The equity market may struggle to hold its footing next week and is likely to stay range-bound.
Corrections were seen in stocks that were highly overvalued without any fundamentals justifying the high valuations.
Nifty Realty index stood tall with gains of 2.56%, while Nifty Bank continued its upward trend and scaled to a fresh high of 40,587.
The company intends to take a price hike to offset raw material pressure that impacted margins in Q2
Sensex jumped 126 points or 0.21% to 61,050 while the Nifty 50 index was quoting at 18,230 higher by 52 points or 0.29%.
S&P 500 posted a record closing high on Thursday, helped by gains in consumer discretionary and technology shares, while U.S. Treasury yields jumped.
Asian Paints declined 6.29% to Rs 2,969.50 after the company posted a 28.2% decline in consolidated net profit to Rs 595.96 crore in Q2 FY22
Nifty PSU Bank led the sectoral pack on the NSE with gains of 2.73% followed by Nifty Bank adding 1.30% to end above the 40,000.