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Sensex, Nifty Both Ended in Red, Sensex at 59,015, Nifty at 17,585

The 30-share benchmarks Sensex on Friday closed 125 points, or 0.21 per cent, lower at 59,015.89 while the Nifty finished at 17,585.15, down 44 points, or 0.25 per cent. Sensex BSE Midcap index fell 1.14 percent and the smallcap index closed with a loss of 1.06 percent.  Kotak Bank with the gain of 5.63 per cent, HDFC with 1,61 per cent, Airtel with 1,57 percent  gain emerged as the top gainers in today’s trading session. On the flip side, Tata Steel shed 3.73 per cent, SBI declined by 2.19 per cent and TCS by 1.91 per cent and emerged as the top index losers. Sectorally, BSE Telecom  was the top gainer on BSE while BSE Metal was the top loser whose scrip fell 2.49 per cent. NSE volatility gauge jumps 6 per cent. Sectorally, Nifty Media was the top gainer with gainer 0.98 per cent. 

“Indian stock markets opened positive, later traded in and out of positive terrain in the afternoon session. Buying in frontline stocks such as Bajaj Finserv, Kotak Mahindra and Bajaj Finance were aiding sentiment, while selling in Tata Steel, SBI and NTPC kept the gains in the markets in check. Sentiments were positive as controlled Covid cases domestically and strong pick up in vaccination drive has led to healthy pick-up in economic activities,” Narendra Solanki, head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers on market performance. 

“Adding more support, Reserve Bank of India (RBI) states that the inflation trajectory is coming down faster than anticipated and the inflation print of 5.3 per cent in August has proven the monetary policy committee’s (MPC) move to look through May’s price shock as the right call.Further, the GST council may also discuss bringing petrol and diesel under the GST regime,” he added. 

In early trade on Friday, the Indian market opened in positive territory, the 30-share BSE Sensex was up 356.95 points, or 0.60 per cent at 59,498.11 and the broader nifty was trading at 17,732.70, up 103.20, or 0.59 per cent. ITC, in early trade was trading at 235,00. ITC share price surged near to its 52-week high of Rs 239 per share as the stock made a surprise rally of 7 per cent in early deals on Thursday After a strong opening, the stock quickly surpassed Rs 220 medium-term resistance level with strong volume activity.

Taking mixed cues from Asian stock market, India market opened with gains. Asian bourses also opened higher on Thursday, Tokyo stocks open higher on Friday on bargain-hunting purchases, with investors focused on domestic politics as campaigning in the ruling party’s leadership race kicks off. The benchmark Nikkei 225 index was up 0.34 percent or 102.64 points at 30,425.98 in early trade, while the broader Topix index edged up 0.05 percent or 1.02 points to 2,091.18. On the flip side, Hong Kong shares opened with more losses, the Hang Seng Index fell 0.32 percent, or 78.68 points, to 24,589.17.

“While the pace of vaccinations and encouraging export data helped Bulls get closer to the 60K mark amidst the FTSE & MSCI rebalancing of flows, profit taking took away all the gains ahead of the GST Council Meet. Even as the BFSI biggies held fort today, the cut in the Small & Midcap indices weakened market breadth as was evident in the Advance-Decline ratio at close today,” S Ranganathan, head of Research at LKP securities said.

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