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Benchmark indices were trading with marginal gains during the afternoon on Friday.
Market was oscillating between losses and gains during the early trade amid weak global cues. Indices were dragged by losses in financials.
On the global front, while equities on Wall Street ended on a positive note, a majority of Asian markets were in the red as regulatory concerns in Chinese tech stocks continued to weigh on investor sentiments.
At 1 pm, the BSE Sensex was trading at 52,740.21, up 87.14 points or 0.17 per cent. The Sensex was moving in a narrow band between 52,799.67 and 52,555.39. The Nifty 50 was trading at 15,810.80, up 32.35 points or 0.21 per cent. It hit an intraday high of 15,823.25 and a low of 15,744.85.
Tech Mahindra, Adani Ports, Mahindra & Mahindra, HCL Tech and Power Grid were the top gainers on the Nifty 50 while State Bank of India, UPL, SBI Life, Bajaj Finance and Bajaj Finserv were the top laggards.
Likhita Chepa, Senior Research Analyst, CapitalVia Global Research, said Indian benchmark indices started with a gap down and turned positive. With the hope from Chief Economic Advisor stating that India’s inflation level will mellow down from 6 per cent gave investors some confidence, she said.
Financials under pressure, auto in focus
On the sectoral front, a majority of indices were in the green. Financials witnessed selling pressure as auto stocks made a sharp recovery. IT and pharma stocks also gained.
Nifty Bank and Nifty Financial Services were down 0.23 per cent and 0.15 per cent, respectively.
Nifty Private Bank was down 0.05 per cent while Nifty PSU Bank was down 0.43 per cent.
Nifty Auto was up 1.57 per cent. Nifty IT gained 0.91 per cent while Nifty Pharma gained 1.42 per cent.
Broader indices
The broader indices managed to retain gains, outperforming the benchmarks.
The Nifty Midcap 50 was up 1.59 per cent while the Nifty Smallcap 50 was 0.59 up per cent. The S&P BSE Midcap was up 0.77 per cent while the S&P BSE Smallcap was up 0.87 per cent.
The VIX, NSE’s volatility index fell 0.36 per cent to 12.90.
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