Mr Mitul Shah, Head Of Research at Reliance Securities.
Domestic equities ended lower, opposing the movements of U.S markets as Nifty declined 0.8%. Broader markets underperformed in comparison to the main indices as Nifty MidCap and Nifty SmallCap fell 08% and 1.1% respectively. All sectoral indices ended in red. Nifty Media declined the most at 3%, followed by Nifty PSU Bank and Nifty Reality which were down 1.9% and 1.7% respectively. Moreover, investors awaited on earnings results whilst also keeping the news on the Russia-Ukraine crisis and resurgence of COVID cases in focus.
U.S. equities ended higher led by a rally in technology and growth stocks. Facebook's parent company, Meta Platforms, reported better-than-expected quarterly report. The S&P 500 gained 2.5%, Nasdaq jumped 3.1%, while the Dow Jones rose 1.9%. 10-year Treasury notes ticked up to 2.862% from 2.817%. US GDP fell 1.4% annualised in the first quarter of 2022 as the Omicron variant of COVID-19 and tapering of government spending hit consumers and business. The next batch of Q4 results and management commentary, global stock market trends, and the movement of rupee and crude oil prices are likely to assess market sentiments in the near future. Moreover, the ongoing Russia-Ukraine crisis and sanctioning of Russian products would have high negative bearings on global and Indian equities.