Mumbai, Mar 20 (PTI) Benchmark stock indices Sensex and Nifty gave up most of their intra-day gains to end nearly half a per cent higher on Friday, following intense buying in PSU bank, IT and metal stocks amid concerns over a further spike in fuel-driven inflation.
In another volatile session, the 30-share BSE Sensex climbed 325.72 points or 0.44 per cent to settle at 74,532.96. During the day, it jumped 1,079.15 points, or 1.45 per cent, to 75,286.39.
The 50-share NSE Nifty edged higher by 112.35 points, or 0.49 per cent, to end at 23,114.50. Intra-day, it jumped 343 points, or 1.49 per cent, to 23,345.15.
From the 30-Sensex firms, Tata Steel, Tech Mahindra, Infosys, Trent, Reliance Industries, Titan, NTPC and Sun Pharma were among the major gainers.
HDFC Bank, Bharat Electronics, Kotak Mahindra Bank and ICICI Bank were among the laggards.
Meanwhile, the price of premium or higher-grade petrol on Friday was increased by Rs 2 per litre, and the rate of bulk diesel sold to industrial users was hiked by about Rs 22 a litre, reflecting the spike in global oil prices amid conflict in West Asia.
“Positive comments aimed at de-escalating the conflict and avoiding attacks on oil and gas infrastructure led to a moderate rebound during the day. However, investor sentiment remains fragile, with gains tapering off as participants remain reluctant to hold positions over the weekend amid war-related uncertainties,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Brent crude, the global oil benchmark, jumped 1.88 per cent to USD 110.7 per barrel.
“Indian equities witnessed a relief-driven rebound, primarily driven by short-covering after a sharp build-up of bearish positions in the previous sessions,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
The BSE MidCap Select index climbed 0.97 per cent, while SmallCap Select index declined 0.32 per cent.
Among sectoral indices, BSE PSU Bank jumped 2.19 per cent, Focused IT (2.18 per cent), IT (2.08 per cent), healthcare (1.45 per cent), metal (1.41 per cent) and energy (1.03 per cent).
However, financial services, Private Banks index, BSE Top 10 Banks, realty and BSE MidSmall Private Banks Quality Tilt were the laggards.
A total of 2,458 stocks advanced, while 1,804 declined and 170 remained unchanged on the BSE.
On the weekly front, the BSE benchmark dipped 30.96 points or 0.04 per cent, the Nifty slipped 36.6 points or 0.15 per cent.
“Markets witnessed a volatile session on Friday and ended marginally higher, taking a breather after the previous session’s steep decline. The Nifty opened on a firm note following positive global signals and maintained gains in the early hours. However, selling pressure resumed as the session progressed, leading the index to surrender most of its gains by the close,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
In Asian markets, South Korea’s benchmark Kospi ended higher, while Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index settled lower. Markets in Japan were closed due to a holiday.
Equity markets in Europe were trading higher.
The US market ended in negative territory on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,558.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 3,863.96 crore.
On Thursday, the Sensex tanked 2,496.89 points or 3.26 per cent — its biggest single-day plunge since June 2024 — to settle at 74,207.24. The Nifty tumbled 775.65 points, or 3.26 per cent, to end at 23,002.15. PTI SUM CS MR
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