Indian markets ended on a muted note on Friday, with the NSE Nifty 50 settling at 17,624.05 and BSE Sensex rising 22.71 points or 0.04% to 59,655.06. In sectoral indices, Bank Nifty fell 151.5 points or 0.36% to 42,118.00, Nifty IT rose 184.95 points or 0.69% to 26,822.10, and Nifty Pharma rose 60.5 points or 0.48% to 12,545.75.
The top gainers on Nifty 50 were ITC, TCS, Britannia, Wipro, and Cipla, while the top losers were HDFC Life, Tech Mahindra, Adani Enterprises, SBI Life, and Tata Steel.
According to analysts, the Indian Rupee traded flat on Friday, and market participants may remain cautious ahead of manufacturing and services PMI data from the US. USD-INR spot price is expected to trade in a range of Rs 81.70 to Rs 82.80 in the near term.
In other news, India is on course to reduce its peak power deficit this summer, thanks to government measures that have been swifter this year. Measures such as an emergency clause under section 11, Electricity Act, 2003, directing imported-coal-based power plants to operate at full capacity, and renewables capacities commissioned from May 2022 to March 2023, should reduce peak deficit levels despite an increase in peak demand, said Manish Gupta, Senior Director, CRISIL Ratings.
According to Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas, Oil prices are expected to trade between the $74-$80 range for the upcoming week, amid uncertainty over the US Fed rate hike decision.
Also, Certus Capital has invested Rs 80 cr in the Aakasa project, according to latest reports.