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Benchmark indices were trading in the green during the afternoon on Friday, led by financials, IT and FMCG.
Market opened on a positive note amid weak global cues but soon turned red erasing all gains, dragged by losses in heavyweights such as HDFC Bank and ICICI Bank. It remained volatile in the first half, oscillating between losses and gains.
At 1 pm, the BSE Sensex, after breaching 53,000 with an intraday high of 53,031.99, was ruling at 53,012.90, up 175.69 points or 0.33 per cent. It hit an intraday low of 52,653.77. The Nifty 50 was ruling at 15,869.00, up 44.95 per cent or 0.28 per cent. It hit an intraday high of 15,876.45 and a low of 15,768.40.
ICICI Bank, Wipro, SBI Life, Axis Bank and ITC were the top gainers on the Nifty 50 while Tata Motors, Adni Ports, UPL, L&T and IndusInd Bank were the top laggards.
Investor sentiments were lifted after the Ministry of External Affairs said that India has been in contact with other nations about the potential of importing vaccines to boost domestic manufacturing, which traders found encouraging.
RBI’s update on a phased rollout of its own currency also impacted investor sentiments.
“Investors digested dismal economic statistics showing the country's failure to get past the COVID-19 outbreak, while yields on safe-haven assets such as US Treasuries fell,” said Gaurav Garg, Head of Research, CapitalVia Global Research Ltd.
“US stock markets ended the day higher following a mixed trading day. Asian markets were generally in the red after a turbulent week in which optimism on global economy rose and faded with every new headline on the Delta variant,” Garg added.
Zomato listing update
Food delivery platform Zomato made its debut on the stock market, listing at ₹115 – a premium of around 51 per cent on BSE to its issue price of ₹76. After making further gains to reach a high of ₹138, at 1 pm, it was trading at ₹126.35 on the BSE. On the NSE, it was trading at ₹126.80.
PSU Bank, auto under pressure
On the sectoral front, PSU Bank stocks faced pressure as financials, IT, FMCG and Realty gained.
Nifty Bank and Nifty Financial Services were up 0.62 per cent and 0.50 per cent, respectively while Nifty Private Bank was up 0.61 per cent. Meanwhile, Nifty PSU Bank was down 0.37 per cent.
Nifty IT was up 0.43 per cent while Nifty Realty was up 0.81 per cent. Nifty FMCG was up 0.59 per cent.
Auto and Pharma also dragged to trade flat. Nifty Auto was down 0.11 per cent while Nifty Pharma was up 0.02 per cent.
Broader indices underperform
Broader indices were in the red as midcap and smallcap stocks underperformed as compared to the benchmarks.
Nifty Midcap 50 was down 0.11 per cent while Nifty Smallcap 50 was down 0.64 per cent. The S&P BSE Midcap was up 0.02 per cent while the S&P BSE Smallcap was up 0.19 per cent. The volatility index fell 1.95 per cent to 11.65.
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