Share Market Today: Sensex, Nifty Pare Gains; Trade Flat. Bajaj Finance Up 5%, IT Drags

Share Market Today: On the 30-share Sensex platform, Bajaj Finance emerged top gainer, up 5.56 per cent, followed by Bajaj Finserv, NTPC, Tata Steel, JSW Steel, Axis Bank

Share Market Today: In the broader markets, the BSE Midcap and Smallcap indices jumped 0.54 and 0.29 per cent respectively.

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The two key equity benchmarks, Sensex and Nifty, erased initial gains and turned flat, on Friday. At 10.20 am, the BSE Sensex was trading at 74,439, down 172 points. On the other hand, the NSE Nifty50 was trading at 22,633, down 15 points.

Stock update

On the 30-share Sensex platform, Bajaj Finance emerged top gainer, up 5.56 per cent, followed by Bajaj Finserv, NTPC, Tata Steel, JSW Steel, Axis Bank. On the down side, Airtel, Nestle, TechM, L&T, Maruti, and Reliance were among the losers.

About 1807 shares advanced, 1136 shares declined, while 121 shares unchanged.

In the broader markets, the BSE Midcap and Smallcap indices jumped 0.54 and 0.29 per cent respectively.

Sectoral update

Sectorwise, IT is on the red, while Nifty Financial Sevices, Nifty Realty, Nifty Oil and Gas, Nifty Bank and Nifty Metal lead the sectoral gains on the NSE.

In the previous session on Thursday, the BSE Sensex jumped 128 points to 74,611, while the NSE Nifty50 closed at 22,648, up 43 points.

"Global and domestic cues are positive for the markets. The decline in dollar index to 105.3, correction in the US 10-year bond yield to around 4.5 per cent and Brent crude below $84 a barrel will further strengthen the bulls. The strong pillar of support for this market is the strong buying by DIIs facilitated by the sustained flow of funds," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global markets update

In Asian markets, Seoul and Hong Kong were trading in the positive territory while Shanghai quoted lower. Wall Street ended with gains on Thursday.

Global oil benchmark Brent crude climbed 0.33 per cent to $83.95 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 964.47 crore on Thursday, according to exchange data.

Rupee rises 9 paise

Meanwhile, the Indian currency climbed 9 paise to 83.37 against the US dollar in early trade on Friday, tracking strong sentiment in the domestic equity markets and a weak American currency against major rivals overseas. Forex traders said the outflow of foreign funds and elevated level of crude oil prices, however, weighed on the Indian currency.

At the interbank foreign exchange, the domestic unit opened strong at 83.40 and touched the intra-day peak of 83.36 against the greenback. The local unit later traded at 83.37 against the dollar in the morning deals, registering a gain of 9 paise from its previous closing level. The rupee had settled 3 paise lower at 83.46 against the dollar on Thursday.