Stock Market: Sensex, Nifty Pare Early Gains, Trade Flat. IT, PSB Stocks Shine

Stock update: On the 30-share Sensex platform, Bajaj Finserv, IndusInd Bank, ITC, Titan, Bajaj Finance, Maruti were among the losers

In the broader markets, the BSE Midcap was down 0.08 per cent and the Smallcap index rose 0.13 per cent. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Friday pared their early gains and tuned in early morning trade.     

AT 10.05 am, the BSE Sensex was down 110 points to 61,321. On the other hand, the NSE Nifty was trading at 18,808, down 50 points.

On the 30-share Sensex platform, Bajaj Finserv, IndusInd Bank, ITC, Titan, Bajaj Finance, Maruti were among the losers. On the flipside, Infosys, HCL, TechM, TCS, Wipro, PowerGrid emerged early winners. Among specific stocks, Gland Pharma sank 18 per cent after its Q4 profit dropped 72 per cent YoY on a 29 per cent decline in revenue. The net profit was also impacted by an impairment loss of Rs 56.46 crore. 

#ABPLiveStockMarketWatch | Sensex and Nifty on Friday are trading flat, erasing opening gains.

At 09:38 AM, #Sensex fell by 41 points to 61,391 & #Nifty by 24 points to 18,106

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/8K0CERf3Gm

— ABP LIVE (@abplive) May 19, 2023

In the broader markets, the BSE Midcap was down 0.08 per cent and the Smallcap index rose 0.13 per cent.

Sectorwise, Nifty Auto, Metal, Realty, FMCG, and Pharma indices declined, while the IT and PSB pockets were the top gainers.

In the previous session on Thursday, the BSE Sensex settled the day with a loss of 129 points at 61,432. On the other hand, the NSE Nifty 50 closed the day at 18,130, down 52 points.

Intra-day volatility may persist given the recent downward trend, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

"Nifty is finding it difficult to break the 18,100-18,400 range, in spite of favourable global cues and good Q4 results. The US 10-year bond yield has risen and the rupee has weakened to the dollar. This currency movement is not supportive for the equity market. FII buying is getting neutralised by Domestic Institutional Investors (DII) selling," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asia, Seoul, Tokyo, and Shanghai markets were trading in the green, while Hong Kong quoted lower. The US market had ended on a positive note on Thursday.

Foreign Institutional Investors (FIIs) continued their buying activity as they bought equities worth Rs 970.18 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.71 per cent to $76.40 per barrel.

Meanwhile, the rupee depreciated 14 paise to 82.76 against the US dollar in early trade on Friday, as weak Asian peers and strength of the American currency in the overseas market weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit fell to 82.76 in initial trade, registering a decline of 14 paise over its last close. On Thursday, the rupee settled at 82.62 against the dollar.