Markets edge up in volatile trade amid buying in blue-chip stocks

Mumbai: Benchmark Sensex and Nifty edged up in volatile trade on Friday following buying in blue-chip stocks such as ICICI Bank and Bharti Airtel amid mixed global trends ahead of the US Fed chair Jerome Powell’s speech at Jackson Hole Symposium.

Rising for the fourth straight session, the 30-share BSE Sensex ended 33.02 points or 0.04 per cent higher at 81,086.21.

In early trade, the benchmark declined 169.93 points or 0.20 per cent to a low of 80,883.26. Later, it bounced back 178.3 points or 0.21 per cent to hit a high of 81,231.49 but gave up gains towards the end.

The NSE Nifty edged up 11.65 points or 0.05 per cent to close at 24,823.15 registering gains for the seventh session in a row.

From the Sensex pack, Tata Motors, Sun Pharmaceutical, Bharti Airtel, Bajaj Finserv, ICICI Bank, Mahindra & Mahindra and JSW Steel were the gainers.

Tech Mahindra, HCL Technologies, Asian Paints, Titan, Infosys, State Bank of India, Tata Consultancy Services and HDFC Bank were the laggards.

In the broader market, the BSE smallcap gauge jumped 0.15 per cent, however the midcap index fell 0.66 per cent.

Among the indices, Services surged by 1.07 per cent, Auto by 0.93 per cent, Industrials by 0.26 per cent, capital goods by 0.23 per cent and Consumer Discretionary by 0.13 per cent.

Realty, IT, Oil & Gas and Teck were among the laggards.

Stock of Anil Ambani led group stocks tumbled by up to 10 per cent after Sebi barred him and 24 other entities, including former key officials of RHFL, from the securities market for five years for diversion of funds from the company.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,371.79 crore on Thursday, according to exchange data. Domestic institutional investors (DIIs) again bought equities worth Rs 2,971.80 crore on Thursday.

Global oil benchmark Brent crude rose 1.01 per cent to $78 a barrel.