Stock Market Reverses Early Losses: Sensex Rises Marginally, Nifty Trades Above 18,000 Amid Volatility

Stock update: On the 30-share Sensex platform, L&T, M&M, Reliance, ITC, Nestle, HUL, and others were trading in the green

Sensex and Nifty, the two key equity benchmarks, on Friday reversed early losses amid volatiliy tracking weak global cues and higher crude oil prices.

At 9.40 am, the S&P BSE Sensex was marginally up by 95 points to 60,448, while the broader NSE Nifty was trading at 18,020, up 29 points.

On the 30-share Sensex platform, L&T, M&M, Reliance, ITC, Nestle, HUL, and others were trading in the green. On the flip side, Bajaj Finserv, TCS, IndusInd Bank, Axis Bank, Infosys, TechM, and others were trading in the losses.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.1 per cent.

Sectorally, Nifty Pharma, Nifty Metal, and Nifty FMCG indices held the fort with marginal gains. On the flipside, Nifty Auto, Nifty IT, and Nifty Media indices declined up to 0.4 per cent.

Among individual stocks, shares of Rail Vikas Nigam gained over 1 per cent after it bagged order from ISC Projects to commission ballast less track for Surat Metro Rail Project, Phase-1.

Besides, shares of VLS Finance tumbled over 4 per cent after it approved buyback worth Rs 70 crore at Rs 200 per share via open market route.

In the previous session on Thursday, the Sensex, which cracked over 600 points to hit day's low of 60,049 levels, closed at 60,353 levels, went down 304 points (0.5 per cent). On the other hand, the broader NSE Nifty ended at 17,992 levels, down 50 points (0.28 per cent).

Meanwhile, the rupee gained 15 paise to 82.47 against the US dollar in early trade on Friday tracking a firm trend in domestic equities. Forex traders said sustained foreign fund outflows and strength of the American currency in the overseas market weighed on investor sentiments and restricted the appreciation bias.

At the interbank foreign exchange, the domestic unit opened at 82.52 against the dollar, then gained further ground to touch 82.47, registering a rise of 15 paise over its previous close. On Thursday, the rupee settled at 82.62 against the dollar.

Brent crude futures, the global oil benchmark, advanced 1.22 per cent to $79.65 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,449.45 crore, according to exchange data.