Benchmark stock market indices fell on Friday as global cues weakened in the wake of fresh worries over the possibility that the US Federal Reserve would keep interest rates higher for longer.
The S&P BSE Sensex closed 0.52 per cent lower at 61,002.57, while the NSE Nifty 50 closed 0.51 per cent lower at 17,944.20. Despite the day’s losses, the Nifty 50 rose 0.49 per cent during the week, its third consecutive gain in a row. Analysts have indicated that the benchmark Nifty 50 is likely to trade between 17,800 to 18,300 in the next two weeks. On Friday, 12 of the 13 major sectoral indices declined, with heavyweight financials and information technology losing 0.83 per cent and 1.21 per cent.
Domestic shares fell today on account of weaker global cues, following a scorecard of recent US economic data that showed a higher-than-expected rise in producer prices in January and a fall in jobless claims. This could prompt the US Federal Reserve to stick with its high-rate regime for a longer period.
