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Benchmark indices were trading higher amid volatility during the afternoon on Friday, led by financials and metals.
Market opened on a weak note, tracking global cues as renewed fears of geopolitical tensions between Russia and Ukraine impacted global markets. Indices were trading higher during the afternoon, tracking gains in heavyweights such as HDFC.
At 1 pm, the BSE Sensex was trading at 58,120.78, up 228.77 points or 0.40 per cent. It recorded an intraday high of 58,175.35 and a low of 57,488.39. The Nifty 50 was trading at 17,363.50, up 58.90 points or 0.34 per cent, near the day’s high of 17,380.80. It recorded an intraday low of 17,219.20.
Coal India, HDFC, SBI Life, State Bank of India and L&T were the top gainers on the Nifty 50 while Cipla, ONGC, Divi’s Lab, Shree Cement and Ultratech Cement were the top laggards.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “The roller-coaster ride in the market will continue till some clarity emerges on the Ukraine issue. Since it is difficult to predict the outcome of this crisis, investors may follow a wait and watch strategy for the short run.”
“The more enduring headwind for the market this year would be monetary tightening by the Fed. Back home, in India, inflation is under control and credit growth is expected to pick up to double digits. This augurs well for financials,” said Vijayakumar.
Pharma, oil & gas under pressure
On the sectoral front, while financials and metals gained, pharma and oil & gas stocks faced pressure.
Nifty PSU Bank recorded the highest gains and was up over 1 per cent. Nifty Bank, Nifty Private Bank and Nifty Financial Services were up 0.67 per cent, 0.59 per cent and 0.71 per cent, respectively. Nifty Metal was up 0.56 per cent.
Meanwhile, Nifty Pharma and Nifty Healthcare Index were down 0.48 per cent and 0.31 per cent, respectively. Nifty Oil & Gas was down 0.22 per cent.
Broader indices underperform
Broader market faced pressure. Nifty Midcap 50 was up 0.10 per cent while Nifty Smallcap 50 was down 0.32 per cent. ThH S&P BSE Midcap was down 0.06 per cent while the S&P BSE Midcap was up 0.02.
The volatility index softened 1.05 per cent to 21.77.
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