Share Market Today: Sensex Rises 230 Points; Nifty Above 22450. M&M Jumps 7%

Share Market Today: The two key equity benchmarks, Sensex and Nifty, on Friday are trading higher after recouping early losses amid weak global trends and unabated foreign fund outflows. At 10.45 am, the BSE Sensex gained 236 points to 73,900. On the other hand, the NSE Nifty50 was trading at 22,450, up 46 points.

Stock update

On the 30-share Sensex platform, M&M rallied 7 per cent, followed by UltraCemco, JSW Steel, Tata Motors, SBI, Kotak Bank. On the other hand, Nestle, HUL, L&T, Infosys, Wipro, Asian Paints emerged losers.

In the broader markets, the BSE Midcap and Smallcap indices were up around 0.6 per cent each.

Sectoral update

Sectorally, Nifty Consumer durables Index advanced 2.2 per cent, followed by Nifty Auto and Realty. On the other hand, Nifty IT saw the steep fall, down 0.4 per cent.

In the previous session on Thursday, the BSE benchmark jumped 677 points to settle at 73,664, on the other hand, the NSE Nifty50 gained 203 points to close at22,404.

Global market update

In Asian markets, Seoul, Tokyo and Shanghai were quoting lower while Hong Kong traded in the green. Wall Street ended in the negative territory on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 776.49 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.25 per cent to $83.48 a barrel.

Rupee opens on flat note

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 The Indian rupee underperformed among the Asian currencies amid higher imported commodity prices and foreign fund outflows amid worries about election results.

At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.50 against the American currency and touched 83.49 in the initial trade. On Thursday, the rupee had settled at 83.50 against the US dollar.