Share Market Today: Sensex Slips 280 Points; Nifty Around 23,500 Amid Volatility. IT Stocks Shine

Share market update: The two key equity benchmarks, Sensex and Nifty, on Friday are trading flat amid volatility after a rally in early trade. At 10.50 am, the BSE Sensex dropped 282 points to 77,197. On the other hand, the NSE Nifty50 was trading at 23,504, down 63 points. Earlier, the Nifty50 hit a fresh record high of 23,667, surpassing the previous high of 23,664. 

Stock update

On the 30-share Sensex platform, Infosys, Airtel, TCS, HCLTech, TechM, Wipro were among the gainers. On the down side, HUL, HDFC Bank, Tata Steel, Bajaj Finance, Reliance, and UltraCemco were the laggards.

In the broader market, the BSE Midcap and Smallcap indices logged gains in the range of 0.4 to 0.49 per cent.

Sectoral update

Sectorally, Nifty IT index gained 2 per cent, followed by 0.2 per cent gains in Nifty Metal and Pharma indices.

In the previous session on Thursday, the BSE benchmark Sensex climbed 141.34 points to settle at a new closing peak of 77,479. On the other hand, the NSE Nifty50 jumped 51 points to settle at its fresh closing high of 23,567.

"The market is in a consolidation phase, and this is likely to continue. There are no major triggers for aggressive buying or selling. Even in this consolidation phase the undertone of the market is bullish and, therefore, buying on dips will emerge imparting resilience to the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global update

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were quoting lower. US markets ended on a mixed note on Thursday.

Global oil benchmark Brent crude declined 0.15 per cent to $85.58 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 415.30 crore on Thursday, according to exchange data.

Rupee gains 3 paise

Meanwhile, the rupee recovered from previous day's steep fall and traded 3 paise higher at 83.58 against the US dollar in early trade on Friday on the back of sustained inflow of foreign capital and strong domestic equity market sentiment.

Forex traders said the local unit found support from retreating American currency and easing crude oil prices overseas. At the interbank foreign exchange, the local unit opened at 83.60 and gained further to 83.58 against the greenback, registering a rise of 3 paise from its previous close.

On Thursday, the rupee had plunged 17 paise to hit its over two-month low level of 83.61 against the dollar. The domestic currency recorded its previous lowest closing level of 83.61 on April 16 this year.