Indian Markets Trade Lower Even As Asian Markets Rally

Benchmark Indian indices were trading lower on Friday, as US stocks soared on Thursday, even as US Bond yields cooled-off and investors took the US inflation data in their stride.

Asian markets followed US markets higher on Friday, with the Japanese Nikkei up more than 2% in trade. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.70% higher.

The Sensex was trading with losses of 80 points, while the Nifty was lower by 35 points. The losses in Indian stocks on Friday was largely because Indian markets were closed on Thursday, when global markets witnessed a selling. So, Indian markets reacted to the global market losses on Friday.

Shares in JSW Steel were lower even as the company reported a net profit of Rs 2,139.28 crore in the last quarter of FY 2021, against Rs 305.62 crore in Q4FY20.

UPL saw its shares gain after the company reported a net profitof Rs 1,361 crore in Q4FY21 against Rs 784 crore in the last quarter of FY 2021. The stock was up 3.5 per cent in trade.

Among the Nifty gainers apart from UPL were Asian Paints, Titan Company and State Bank of India. Among the top losers were most of the IT companies like TCS, HCL Tech, Tech Mahindra and Wipro.