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The benchmark indices were trading higher during the afternoon session on Friday.
The market started the new financial year on a dull note, tracking weak global cues. The indices soon erased their early losses and edged up higher during the afternoon session, led by financials and oil & gas stocks.
At 1 pm, the BSE Sensex was trading at 58,845.64, up 277.13 points or 0.47 per cent, near the day’s high of 58,894.48. It recorded an intraday low of 58,450.04. The Nifty 50 was trading at 17,542.10, up 77.35 points or 0.44 per cent, near the day’s high of 17,556.75. It recorded an intraday low of 17,422.70.
NTPC, BPCL, IndusInd Bank, Powergrid and State Bank of India were the top gainers on the Nifty 50, while Hero Motocorp, SBI Life, Divi’s Lab, Tech Mahindra and Titan were the top losers
The volatility index slipped below 20 to 19.69, down 4.21 per cent.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “As we begin the new financial year, the markets are in uncertain territory. Globally, the major headwinds for equity markets are declining liquidity, persistently high inflation in the US and an increasingly hawkish Fed.
“On the positive side, the negative real returns from fixed income is prompting a growing tribe of retail investors to pour more money into equity. This strong new trend, which is conspicuous in India, has the potential to keep the markets resilient even in the midst of the uncertainty caused by the Ukraine war,” Dr Vijayakumar said.
IT, pharma drag
On the sectoral front, all indices except the Nifty IT, Nifty Pharma and Nifty Healthcare Index were trading in the green. Financials, realty and oil & gas recorded higher gains.
Nifty IT was down 0.56 per cent. Nifty Pharma and Nifty Healthcare Index were down 0.27 per cent and 0.49 per cent, respectively.
Meanwhile, the Nifty PSU Bank was trading over 3 per cent higher. Nifty Private Bank and Nifty Realty were each up nearly 2 per cent. Nifty Bank was up 1.5 per cent, while Nifty Financial Services was up over 1 per cent. Nifty Oil & Gas was up nearly 1 per cent.
Broader indices outperform
The broader indices continued to outperform the benchmarks and were trading in the green.
The Nifty Midcap 50 was up 1.11 per cent, while the Nifty Smallcap 50 was up 1.66 per cent. The S&P BSE Midcap was up 0.99 per cent, while the S&P BSE Smallcap was up 1.53 per cent.
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