Stock Market: Sensex Dips 37 Points, Nifty Trades Below 17,550 Tracking High Volatility

Stock update: Tata Steel, IndusInd Bank, Reliance Industries, HDFC, UltraTech Cement, and Bajaj Finserv were the main losers on the Sensex platform

Sensex and Nifty, the two key equity benchmarks that opened in the green in early trade on Friday, slipped into the red amid tracking high volatility. The domestic indices rebounded after declining the previous day amid mixed global market trends.

In opening trade, the Sensex climbed 342 points to 59,108. However, later it erased all its gains and turned flat. At 10.45 am, the Sensex platform was marginally down by 37 points to 58,728, while the broader NSE Nifty trading at 17,527, down 15 points.

On the 30-share Sensex pack, NTPC, ITC, Bajaj Finance, Kotak Mahindra Bank, Larsen & Toubro, Titan, Mahindra & Mahindra, and Asian Paints were among the gainers in early trade. On the flip side, Tata Steel, IndusInd Bank, Reliance Industries, HDFC, UltraTech Cement, and Bajaj Finserv were among the losers.

Among individual stocks, shares of Adani Enterprises hit 52-week high of Rs 3,290 per share on reports of inclusion in the Nifty50 index.

The general mood of the 30-share BSE Sensex was negative as 14 scrips were declining, while 16 were advancing on Friday.

Broader markets, too, reflected similar resilience as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.7 per cent.

All sectors opened in the green zone with marginal gains. Nifty Energy was the top sectoral winner as the index gained over 1 per cent in trade

"Local benchmark indices are likely to log gains in early trades Friday amid mixed Asian market cues, and if global cues improve, there is a bright chance that Nifty could scale higher," Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd said in his pre-opening market comment.

In the previous session on Thursday, the BSE benchmark tanked 770 points (1.29 per cent) to settle at 58,766. The Nifty declined 216 points (1.22 per cent) to 17,542.

Elsewhere in Asia, markets in Seoul and Shanghai were trading higher, while Tokyo and Hong Kong quoted lower in mid-session deals. The US markets had ended mostly higher on Thursday.

Meanwhile, the international oil benchmark Brent crude climbed 1.87 per cent to $94.09 per barrel.

Foreign institutional investors (FIIs) offloaded shares worth Rs 2,290.31 crore on Thursday, as per exchange data.