Markets rise amid volatile trade on buying in banking stocks

Mumbai: Benchmark indices Sensex and Nifty ended higher on Friday in a highly volatile trade amid a buying rush in banking and other bellwether stocks on the back of a rally in the US markets.

After oscillating between highs and lows in intra-day trade, the 30-share BSE Sensex ended 193.42 points or 0.23 per cent higher at 83,432.89. During the day, it hit a high of 83,477.86 and a low of 83,015.83, gyrating 462.03 points.

The 50-share NSE Nifty inched up by 55.70 points or 0.22 per cent to 25,461.

From the Sensex firms, Bajaj Finance, Infosys, Hindustan Unilever, ICICI Bank, HCL Tech, UltraTech Cement, Bajaj Finserv, State Bank of India, Tata Consultancy Services, Reliance Industries Ltd (RIL), Axis Bank and Larsen

& Toubro were among the major gainers.

However, Trent, Tata Steel, Tech Mahindra and Maruti were among the laggards.

“The tone was negative in the first half; however, a decent recovery in heavyweight stocks pared all the losses as the day progressed, helping the index close near the day’s high at the 25,461 level.

“With all eyes on the impending US-India trade deal as the tariff deadline approaches, participants are hopeful for a favourable outcome, which could provide the much-needed trigger for the next leg of the market up move,” Ajit Mishra - SVP, Research, Religare Broking Ltd, said.

The BSE midcap gauge went up by 0.23 per cent and smallcap index climbed marginally by 0.17 per cent.

Among BSE sectoral indices, oil & gas jumped 1.26 per cent, energy (0.90 per cent), realty (0.87 per cent), IT (0.67 per cent), healthcare (0.64 per cent), BSE Focused IT (0.65 per cent) and tech (0.52 per cent).

Metal, telecommunication, auto, consumer discretionary and commodities were the laggards.

As many as 2,261 stocks advanced while 1,788 declined and 140 remained unchanged on the BSE.

Foreign Institutional Investors offloaded equities worth Rs 1,481.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,333.06 crore.