Indian Markets End Flat on Friday Amid Mixed Performances
The Indian equity markets ended largely flat on Friday, with both the Sensex and Nifty indices showing minimal gains. The Nifty held above the 24,200 mark, while the Sensex gained a mere 3 points to 77,541.
The Nifty Bank index was among the top gainers, surging by 266 points to 57,762. On the other hand, sugar stocks fell after the government allowed sugar imports at zero duty, with Balrampur Chini declining by 6%.
IndiGo was one of the top losers in the Nifty, falling over 1.5% due to a four-year low in air traffic in July. Metal and defence stocks, however, gained on the weakening dollar and rising spot prices, with Hindustan Zinc jumping by 4%.
Alok Agarwal, Head - Quant & Fund Manager at Alchemy Capital Management, noted that earnings growth was ahead of estimates, with most companies beating their targets. He also highlighted the impact of rising crude oil prices on the market and the need for managing higher yields and inflation.