Share Market Today: Sensex Rises 218 Points; Nifty Above 24,850. Axis Bank Gains 5%, Infosys Drops 4%
Share Market Today: On the 30-share Sensex platform, Axis Bank, ICICI Bank, Tata Motors, Tata Steel, JSW Steel, NTPC emerged gainers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Friday snapped their three-day losing streak and rebounded smartly in the second half of the session as bank stocks witnesses a rally. The BSE Sensex gained 218 points to 81,225. On the other hand, the NSE Nifty50 settled at 24,854, rising 104 points.
Stock update
On the 30-share Sensex platform, Axis Bank, ICICI Bank, Tata Motors, Tata Steel, JSW Steel, NTPC emerged gainers. On the down side, Infosys, Asian Paints, Nestle, HUL, TechM, Titan are among the losers.
In the broader markets, the BSE Midcap index advanced 0.21 per cent, while the BSE Smallcap sank 0.16 per cent.
Sectoral update
Across sectors, the Nifty Private Bank index rose by 1.9 per cent, while the Nifty Metal and Nifty Bank indices both gained 1.57 per cent. In contrast, the Nifty IT index declined by 1.47 per cent, and the Nifty FMCG index fell by 0.51 per cent.
In the previous session on Thursday, the BSE Sensex gave up 495 points to end at 81,006, while the NSE Nifty50 closed at 24,748, down 221 points.
"After the morning sell-off, the market bounced from the oversold level driven by selective buying in financials, auto and metals stocks. Initial set of results from private banks were positive, building an expectation that the upcoming set of financial results in the weekends will also be optimistic," said Vinod Nair, Head of Research, Geojit Financial Services.
Global update
In Asian markets, Tokyo, Shanghai, and Hong Kong settled sharply higher while Seoul ended lower. European markets were trading in positive territory. The US markets ended mostly higher on Thursday.
Global oil benchmark Brent crude dipped 0.07 per cent to $74.40 a barrel.
Rupee slips 1 paisa
The rupee traded on a flat note to settle just 1 paisa lower at 84.07 (provisional) against the US dollar on Friday as lower crude oil prices and a weak greenback offset the impact of persistent foreign capital outflows. A positive momentum in the domestic equity markets supported the local currency and restricted its fall, traders said.
At the interbank foreign exchange market, the local unit opened at 84.06 against the greenback and stayed almost flat during the entire session. The unit finally settled at 84.07 (provisional) against the dollar, registering a loss of 1 paisa from its previous close. On Thursday, the rupee weakened by 4 paise to close at 84.06 against the US dollar.
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