Sensex closes marginally up by 22 pts; Nifty settles almost flat at 17,624

Amid weak global cues, Indian equity indices closed flat on Friday as gains from IT and FMCG stocks were offset by losses in banking and auto stocks.

The BSE Sensex index ended 22 points or 0.04% higher at 59,655, while Nifty50 ended above the 17,600 level.

From the Sensex pack, ITC, TCS, Wipro, Asian Paints and HCL Tech were the top performers, rising 1-2%. HDFC, Kotak Bank, Infosys and Bajaj Finance also closed higher.


On the flip side, Tech Mahindra, Maruti, Tata Steel, UltraTech Cement, Bajaj Finserv and Tata Motors also closed in the red.

"Mounting uncertainty in both global and domestic markets has kept Indian equities highly volatile. Weak signals of a softening job market and declining manufacturing activity in the US have raised fears of a possible recession. Despite the RBI MPC’s unanimous decision to pause rates, its minutes revealed that its members continue to hold concerns about high inflation," Vinod Nair, Head of Research at Geojit Financial Services, said.

However, the market received some support towards the closing bell from the IT and FMCG sectors, facilitating its recovery, Nair added.

Global Markets
Global stocks struggled on Friday as investors pored over economic data for clues on the likelihood of more interest rate hikes and possible recession in the US as a new earnings season unfolded.

The MSCI all-country stock index was down 0.1%, though it remains about 8% firmer for the year. The STOXX index of 600 European companies remained slightly weaker after the PMI data, though still on track for the fifth week of gains. Japan's Nikkei touched an eight-month high and was on track for a second consecutive weekly gain.

Rupee Strengthens
The Indian rupee ended marginally higher against the US dollar on Friday amid tepid risk appetite, but snapped a four-week winning streak, as rising bets of a US Federal Reserve rate hike boosted the dollar.

The rupee finished at 82.09 per US dollar compared with 82.1475 in the previous session. For the week, it lost 0.30%, falling for the first time since the week ended March 17.

Crude oil price falls
Oil prices were on track for a hefty weekly loss as economic and interest rate uncertainty weighed, though prices were stable on Friday as the euro zone recovery gathered pace unexpectedly.

Brent futures for June delivery edged down by 4 cents, or 0.05%, to $81.06 a barrel. West Texas Intermediate crude (WTI) for June delivery was down 1 cent, or 0.01%, at $77.36.

(With inputs from agencies)