See-and-see market increased profit in business; Metal, banking stocks shine

Bombay Stock Exchange building in Mumbai.  file

Bombay Stock Exchange building in Mumbai. file | Photo Credit: PTI

Equity benchmarks Sensex and Nifty recovered from volatility to settle in the green for the second straight session on Friday, led by strong demand in metals, banking and financial stocks amid a firm trend in global equities.

Traders said apart from strengthening of the rupee and fall in crude oil prices in the international market also weighed on sentiment.

In volatile trade, the 30-share BSE Sensex closed 355.06 points, or 0.62 per cent, higher at 57,989.90. It touched a high of 58,178.94 and a low of 57,503.90 in the day’s trade.

The broader NSE Nifty settled 114.45 points or 0.67% higher at 17,100.05.

HCL Tech led the Sensex chart, surging 3.58%, followed by Ultracement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel and HDFC twins.

In contrast, ITC, Maruti, NTPC, Asian Paints and Sun Pharma were major laggards, falling up to 1.51%.

In the broader market, the BSE Midcap gauge gained 0.29%t and the Smallcap index gained 0.69%.

Markets were volatile and moved with a positive bias as investors resorted to buying. European indices and other Asian peers posted significant gains, which enthused local traders in a big way.

Elsewhere in Asia, equity markets in Shanghai, Tokyo, Seoul and Hong Kong posted gains.

Equity exchanges in Europe were trading in the green in mid-session deals. Wall Street’s major indices closed in positive territory in overnight trade.

Meanwhile, international oil benchmark Brent crude rose 1.16% to $75.57 per barrel.

On Friday, the rupee appreciated by 18 paise to close at 82.58 against the US dollar.

Experts said India’s banking system is expected to be safe from the troubles faced by Credit Suisse as it has little presence in the country.

Although Credit Suisse is more relevant to India’s financial system than Silicon Valley Bank (SVB), it has very limited operations, according to a report by Jefferies India.

Foreign institutional investors (FIIs) sold shares worth a net Rs 282.06 crore on Thursday, according to exchange data.


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