The barometers pared initial losses and ended with minor cuts on Friday. The Nifty ended above the 15,750 mark after hitting the day's low of 15,511.05 in morning trade. ... The barometers pared initial losses and ended with minor cuts on Friday. The Nifty ended above the 15,750 mark after hitting the day's low of 15,511.05 in morning trade. The barometer index, the S&P BSE Sensex, was down 111.01 points or 0.21% to 52,907.93. The Nifty 50 index fell 28.20 points or 0.18% to 15,752.05. In the broader market, the S&P BSE Mid-Cap index rose 0.67% while the S&P BSE Small-Cap index added 0.09%.

The market breadth was positive. On the BSE, 1,738 shares rose and 1,546 shares fell. A total of 227 shares were unchanged.

Among the sectoral indices on the NSE, the Nifty FMCG index (up 2.82%), the Nifty Realty index (up 1.58%) and the Nifty Healthcare index (up 1.05%) outperformed the Nifty50 index. Meanwhile, the Nifty Oil & Gas index (down 4.17%) underperformed the Nifty50 index.

Economy:

The Goods and Services Tax (GST) revenue in June rose to Rs 1.44 lakh crore, registering a 56% increase over the same month last year, Finance Minister Nirmala Sitharaman said on Friday. GST revenue for May stood at nearly Rs 1.41 lakh crore.

Meanwhile, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) stood at 53.9 in June, lower than 54.6 in May. The latest reading showed the weakest pace of growth since last September.

Further, the government has imposed special additional excise duty/cesses on exports of petrol and diesel of Rs 6 per litre and Rs 13 per litre on diesel, respectively. A cess of Rs 23,250 per tonne (by way of special additional excise duty) or windfall tax has been imposed on crude. A special additional excise duty (SAED) of Rs 6 per litre has also been imposed on exports of Aviation Turbine Fuel.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell to 7.424 as compared with 7.450 at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 78.94, compared with its close of 79.06 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement advanced 2.38% to Rs 51,720.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.27% to 104.96.

In the commodities market, Brent crude for September 2022 settlement rose $1.81 or 1.66% at $110.84 a barrel.

The government on Friday raised export duty on diesel by Rs 13 per litre and that on petrol by Rs 6 per litre. The export duty on ATF has been raised by Re 1 per litre. The increase in taxes in aimed to increase the domestic availability of fuel. However, the increase in taxes in fuel will not impact the domestic prices, the Ministry of Finance has said.

Foreign Markets:

European stocks advanced across the board while Asian shares ended in the red on Friday. Markets in Hong Kong were closed on Friday for a holiday.

China's Caixin/Markit manufacturing Purchasing Managers' Index for June was released Friday. It came in at 51.7, above the 50-level that separates growth from contraction. That compared to last month's reading of 48.1.

Sentiment at Japan's large manufacturers worsened in the April-to-June period, according to the Bank of Japan's quarterly tankan business sentiment survey. The headline index for large manufacturers' sentiment came in at 9, a decline from the previous quarter's reading of 14.

Japan's factory activity growth slowed in June as supply disruptions in part due to China's strict COVID-19 curbs hurt manufacturers. The final au Jibun Bank Japan Manufacturing purchasing managers' index (PMI) slipped to a seasonally adjusted 52.7 in June from a final 53.3 in the previous month.

U.S. stocks tumbled on Thursday on concerns that central banks determined to tame inflation will hamper global economic growth. Fears over slowing growth and surging prices have rippled through markets, with recession worries taking center stage as monetary policymakers across the world look to aggressively raise borrowing costs.

US consumer spending rose less than expected in May as motor vehicles remained scarce while higher prices forced cutbacks on purchases of other goods. Consumer spending gained 0.2% in May, the smallest rise in five months. Data for April was revised down to show outlays increasing 0.6% instead of 0.9% as previously reported.