Indices end almost flat; Nifty settles above 17,300

The frontline indices ended a volatile session near the flat line, with some negative bias on Friday. Negative global cues dented the sentiment. The Nifty managed to close above the 17,300 level after hitting day's low at 17,216.95 in the early afternoon trade.

The barometer index, the S&P BSE Sensex, shed 30.81 points or 0.05% to 58,191.29. The Nifty 50 index lost 17.15 points or 0.1% to 17,314.65.

In the broader market, the S&P BSE Mid-Cap index declined 0.15% while the S&P BSE Small-Cap index rose 0.30%. The market breadth was negative.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.60% to 18.8125.

The Nifty Consumer Durables index (up 1.32%), the Nifty Media index (up 0.38%) and the Nifty Realty index (up 0.32%) outperformed the Nifty. The Nifty Oil & Gas index (down 0.72%), the Nifty IT index (down 0.70%) and the Nifty FMCG index (down 0.64%) underperformed the Nifty.

Economy:

The World Bank on Thursday projected a growth rate of 6.5% for the Indian economy for the fiscal year 2022-23, a drop of one percent from its previous June 2022 projections, citing deteriorating international environment.

In its latest South Asia Economic Focus released ahead of the annual meeting of the International Monetary Fund and the World Bank, the Bank, however, noted that India is recovering stronger than the rest of the world.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.462 as compared with 7.454 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.30, compared with its close of 82.17 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement declined 0.05% to Rs 51,947.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.12% to 112.12.

The United States 10-year bond yield increased to 3.849 as compared with 3.824 at close in the previous trading session.

In the commodities market, Brent crude for December 2022 settlement gained $1.02 or 1.08% at $95.44 a barrel.

Global Markets:

Shares in Europe and Asia declined across the board on Friday ahead of the monthly U.S. jobs report, which is likely to guide the Federal Reserve's monetary decision in November. Markets in mainland China remain closed for a holiday.

Wall Street's major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve's aggressive interest rate stance will lead to a recession.

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