Despite negative cues from global markets, the equity benchmark Sensex fell by 542 points to 642 points on Friday, due to gains in index majors RIL, HUL and ICICI Bank.
After opening with significant losses, the 30-share BSE index made 641.72 points or 1.30% ending at U-turn at 49,858.24. The broader NSE Nifty rose 186.15 points or 1.28% to close at 14,744.
NTPC topped the Sensex pack by over 4%, followed by HUL, PowerGrid, Reliance Industries, ITC, UltraTech Cement and Bajaj Finance.
On the other hand, L&T, Tech Mahindra, Bajaj Auto and Titan were among the losers.
Binod Modi, Head – Strategy, Reliance Securities, said, “Despite weak global cues, the domestic stock market declined sharply today after a five-day decline.”
In particular, faster recovery in FMCG, pharma, metals and Reliance Industries helped the benchmark indices recover from initial losses.
He said that despite the current concern of an increase in daily COVID-19 cases, moderate contraction in domestic yields backed off, adding that the recent spike in new infections is unlikely to significantly dent the prospects of economic recovery.
Elsewhere in Asia, nutrition ended on a negative note in Shanghai, Hong Kong, Tokyo and Seoul.
Stock exchanges were also trading in Europe with losses in mid-season deals.
Meanwhile, global oil benchmark Brent crude was trading up 1.36% at $ 64.14 a barrel.
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