Benchmark indices closed marginally higher at the end of a volatile session on Friday.

Market opened on a positive note amid mixed global cues and remained volatile through the day. Indices closed higher led by oil & gas, metals and banks.

The BSE Sensex closed at 59,744.65, up 142.81 points or 0.24 per cent. It recorded an intraday high of 60,130.18 and a low of 59,401.44. The Nifty 50 closed at 17,812.70, up 66.80 points or 0.38 per cent. It recorded an intraday high of 17,905.00 and a low of 17,704.55.

Breadth remains positive

The market breadth remained positive with 2,104 stocks advancing on the BSE as against 1,305 that declined while 84 remained unchanged. Furthermore, 690 stocks hit the upper circuit as compared to the 149 stocks that were locked in the lower circuit. Besides, 502 stocks touched a 52-week high level and 10 touched a 52-week low.

Vinod Nair, Head of Research at Geojit Financial Services said, “Domestic indices erased early gains following weak cues from global peers as markets globally await the eurozone inflation rate and US payroll data due later today.”

“Strong appetite for healthcare and consumer durable stocks aided the markets in closing flat with a positive bias. Although rising omicron cases and hawkish stance by the US Fed is keeping the market volatile, hopes of favourable earnings season and FIIs switching to net buyers is pumping in optimism into the market,” added Nair.

Grasim, ONGC, Hindalco. HDFC Life and Shree Cement were the top gainers on the Nifty 50 while Bajaj Finserv, M&M, Bajaj Finance, L&T and Titan were the top laggards.

Mitul Shah, Head Of Research at Reliance Securities said, “Domestic equities closed higher after a volatile session. The market opened higher despite negative global cues, and later on witnessed some profit booking in the second half. It picked up again during last hour of trade.”

“In past, we have observed that volatility in market persists till the announcement of first-rate hike by Fed, post that it settles down and flow in equities resumes. Equities would continue with the outperformance with double-digit returns. We believe that an all-around calibrated economic recovery is on the cards, though the timing remains highly uncertain. Recently rising Covid cases in India is of concern now and how it would shape up in coming days would key deciding factor for the market trend in the month. We would be monitoring the situation on the recent Covid surge and Omicron issue,” added Shah.

Auto, pharma, consumer durables under pressure

On a sectoral front, while oil &gas, bank, FMCG and metals gained, auto, pharma and consumer durables dragged.

Nifty Oil & Gas was up 1.26 per cent at closing. Nifty FMCG was up 0.64 per cent. Nifty Bank and Nifty Private Bank were up 0.67 per cent and 0.61 per cent, respectively.

Meanwhile, Nifty Auto was down 0.23 per cent. Nifty Pharma and Nifty Healthcare Index closed 0.39 per cent and 0.20 per cent lower, respectively. Nifty Consumer Durables was down 0.24 per cent.

Broader indices

As for the broader market, midcaps managed to retain gains while smallcaps faced pressure.

Nifty Midcap 50 was up 0.59 per cent while Nifty Smallcap 50 was down 0.15 per cent. The S&P BSE Midcap was up 0.54 per cent while the S&P BSE Smallcap was up 0.43 per cent.

The volatility index softened 2.08 per cent to 17.60.

comment COMMENT NOW