Stock Market Today: Sensex Jumps 191 Points; Nifty Around 22,100. IT Slips 2 Per Cent

Stock update: On the 30-share Sensex platform, Maruti is the lead gainer, up 3.55 per cent, followed by Sun Pharma, Titan, ITC, IndusInd Bank, L&T

In the broader markets, the BSE Midcap index gained 0.38 per cent while the BSE Smallcap index advanced 1.06 per cent. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Friday erased their early losses and rebounded sharply closing in the green amid volatility. The S&P BSE Sensex, which dropped over 200 points in early trade, ended 191 points higher at 72,832. On the other hand, the NSE Nifty50 settled at 22,097, up 85 points.

On the 30-share Sensex platform, Maruti is the lead gainer, up 3.55 per cent, followed by Sun Pharma, Titan, ITC, IndusInd Bank, L&T. On the down side, Infosys, Wipro, HCLTech, TCS, TechM, Bajaj Finserv were among the losers.

#ABPStockMarketWatch | Sensex and Nifty, on Friday erased their early losses and rebounded sharply closing in the green amid volatility.

At 04:00 PM, #Sensex gained 191 points to 72,832 & #Nifty gained 85 points to close at 22,097

Here's a look at the stocks in focus:#ABPLive… pic.twitter.com/5wFDvw5Wfz

— ABP LIVE (@abplive) March 22, 2024

In the broader markets, the BSE Midcap index gained 0.38 per cent while the BSE Smallcap index advanced 1.06 per cent.

Sectorwise, Nifty IT sector declined 2.26 per cent on Friday after global giant Accenture trimmed its revenue forecast for FY24. On the other hand, auto, pharma, realty sector logged gains.

In the previous session on Thursday, the S&P BSE Sensex gained 540 points to 72,641, while the NSE Nifty50 settled at 22,012, up 173 points.

"Asian stocks were mixed on Friday and European stocks reacted from record highs but were still on path for a ninth straight week of gains, the longest winning streak since 2012, as investors turned more confident in the economy and looked forward to upcoming interest-rate cuts. A series of central bank meetings during the week indicated that a turn towards looser policy is on track," said Deepak Jasani, Head of Retail Research, HDFC Securities.

Equity markets will remain closed on Monday for Holi.

Among Asian markets, Seoul, Shanghai, and Hong Kong saw declines, while Tokyo closed in positive territory. European markets displayed mixed trading, while Wall Street reached new record highs on Thursday.

Exchange data revealed that Foreign Institutional Investors (FIIs) sold off equities worth Rs 1,826.97 crore on Thursday.

Brent crude, the global oil benchmark, experienced a slight dip of 0.22 percent, reaching $85.59 per barrel.

On the currency front, the Indian rupee weakened by 35 paise to hit an all-time low of 83.48 against the US dollar on Friday. This decline was attributed to a strengthening greenback against major currencies in international markets and sluggish performance in Asian currencies. Additionally, foreign fund outflows exerted pressure on the rupee.

In interbank foreign exchange trading, the rupee commenced trading at 83.28 against the dollar and concluded at a historic low of 83.48 (provisional), marking a decrease of 35 paise from the previous close of 83.13.

During intraday trading, the rupee touched a low of 83.52 against the US dollar. The previous lowest closing level was recorded at 83.40 on December 13, 2023.