Share Market Today: Sensex Gains Over 100 Points; Nifty Around 23,450. Bank, IT Down
Share market today: On the 30-share Sensex platform, HDFC Bank, M&M, Titan, IndusInd Bank, PowerGrid, Axis Bank emerged gainers
Share market today: The two key equity benchmarks, Sensex and Nifty, on Friday are trading higher amid profit-booking. The domestic indices staged a recovery in the morning session after Sensex and Nifty erased early gains. At 10.25 am, the BSE Sensex gained 131 points to 76,942. On the other hand, the NSE Nifty50 was trading at 23,452, up 53 points.
Stock update
On the 30-share Sensex platform, HDFC Bank, M&M, Titan, IndusInd Bank, PowerGrid, Axis Bank emerged gainers. On the down side, HCLTech, TechM, TCS, Wipro, JSW Steel, NTPC were among the losers.
In the broader markets, the BSE Midcap index jumped 0.26 per cent and the Smallcap index advanced 0.23 per cent.
Sectoral update
Sectorally, except bank and IT, all other indices are trading in the green with telecom, capital goods, realty and oil & gas gained 0.5-1 per cent.
"Investors anticipate consolidation amid uncertainties, awaiting India's budget announcement and the US Federal Reserve's next rate cut," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
"In the near-term the market is likely to be range bound since there are no major triggers till the budget," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Seoul quoted higher while Tokyo, Shanghai, and Hong Kong traded lower. US markets ended on a mixed note on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,033 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude declined o.41 per cent to $82.41 a barrel.
In the previous session on Thursday, the BSE benchmark closed at 76,811, up 204 points. On the other hand, the NSE Nifty50 jumped 76 points to settle at 23,399.
Rupee opens flat
Meanwhile, the rupee opened on a flat note against the US dollar in early trade on Friday, weighed down by a negative trend in domestic equities and the strength of the American currency in the overseas markets. Forex traders said rupee was seen resilient against the dollar, due to consumer price index data and US Federal Reserve's policy decision.
At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.54 against the American currency and touched 83.52 in the initial trade. On Thursday, the rupee settled for the day lower by 6 paise at 83.54 against the US dollar.
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