Metal, financial stocks lift Sensex 161; Nifty above 15,800

Our Bureau. Mumbai | Updated on June 25, 2021

Volatility index slips below 14

Benchmark indices were trading in the green during the afternoon on Friday, led by metals and financials. 

Market, after opening on a positive note amid firm global cues, remained volatile in the first half, dragged by FMCG and losses in heavyweights such as Reliance.

At 1 pm, the BSE Sensex was at 52,860.89, up 161.89 points or 0.31 per cent. It hit an intraday high of 52,899.47 and a low of 52,614.49. The Nifty 50 was ruling near the day’s high of 15,850.70 at 15,845.10, up 54.65 points or 0.35 per cent. It hit an intraday low of 15,772.30.

As investors' confidence increases, volatility index slipped 8.29 per cent on Friday.  The index edged down below the 14-point mark to 13.85.

Tata Steel, JSW Steel, Axis Bank, State Bank of India and Hindalco were the top gainers on the Nifty 50 while Reliance, Asian Paints, NTPC, Hindustan Unilever and UPL were the top laggards.

RIL was down 2 per cent amid profit-booking post AGM. 

Gaurav Garg, Head of Research, CapitalVia Global Research, said, despite a favorable trend in the global market, Indian equities were fluctuating between gains and losses in early trade on Friday.

However, a Crisil report on states' revenues coming back on track to surpass pre-Covid pandemic levels in the current fiscal year (FY22), owing to higher tax buoyancy, an increase in sales tax collections from petroleum products, and an increase in grants following the 15th Finance Commission's recommendations lifted investor sentiment, he added. 

On the global front,  the Nasdaq and S&P 500 indexes both hit new highs on Thursday, while the Dow also rose as US President Joe Biden endorsed a bipartisan Senate infrastructure deal. Following overnight advances on Wall Street, Asian markets were also trading in the green, said Garg. 

Metals shine, FMCG under pressure

On the sectoral front, all indices except Nifty FMCG were in the green. Metals and financials extended gains. 

Nifty Metal was up 2.80 per cent. Nifty Bank and Nifty Financial Services were up 1.21 per cent and 0.86 per cent, respectively. Nifty Private Bank was up 1.11 per cent while Nifty PSU Bank was up 2.50 per cent.

Meanwhile, Nifty FMCG was down 0.59 per cent. 

Broader indices 

All broader indices were in the green. Broader stocks outperformed the benchmarks. 

Nifty Midcap 50 was up 1.57 per cent while Nifty Smallcap 50 was up 0.39 per cent. The S&P BSE Midcap was up 0.93 per cent while the S&P BSE Smallcap was up 0.60 per cent. 

Published on June 25, 2021

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