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Benchmark indices were trading flat amid volatility during the afternoon on Friday.
Market opened on a positive note amid mixed global cues. It remained volatile in the first half. Indices were trading lower during the afternoon on Friday, dragged by auto, metals and financials.
At 1 pm, the BSE Sensex was trading at 59,568.28, down 33.56 points or 0.06 per cent. It recorded an intraday high of 60,130.18 and a low of 59,401.44. The Nifty 50 was trading at 17,759.05, up 13.15 points or 0.07 per cent. It recorded an intraday high of 17,905.00 and a low of 17,704.55.
Market is expected to remain volatile over the next few days with the US Fed remaining firm on tightening its bond purchase programme and hiking rates.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “While the tightening global monetary backdrop is a concern for equity markets, the improving corporate earnings scenario and the resilience of retail investors and DIIs are positive.”
“An important trend in the market is the resilience of the mid and small-cap segments where there is no FII selling and the weakness in banks and IT where FIIs have been selling. The takeaway is that the moment FII selling stops, IT and banks will bounce back. Short-term trend is highly uncertain,” said Vijayakumar.
Grasim, ONGC, Tata Consumer, Asian Paints and Hindalco were the top gainers on the Nifty 50 while Bajaj Finserv, Bajaj Finance, M&M, HDFC and L&T were the top laggards.
FMCG, Oil & Gas in focus
On a sectoral front, while FMCG, oil & gas and bank stocks remained firm, auto, metal and consumer durables dragged.
Nifty Oil & Gas was up 0.70 per cent. Nifty FMCG was up 0.64 per cent. Nifty Bank and Nifty Private Bank were up 0.31 per cent and 0.30 per cent, respectively.
Meanwhile, Nifty Auto was down 0.55 per cent while Nifty Metal was down 0.26 per cent. Nifty Financial Services was down 0.19 per cent while Nifty Consumer Durables was down 0.44 per cent.
Broader indices
As for the broader market, midcaps managed to retain gains while smallcaps faced pressure. Nifty Midcap 50 was up 0.20 per cent while Nifty Smallcap 50 was down 0.19 per cent. The S&P BSE Midcap was up 0.28 per cent while the S&P BSE Smallcap was up 0.09 per cent.The volatility index softened 0.70 per cent to 17.85.
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