Mumbai: Indian equity indices ended with gains in the last trading session of the week on Friday after a volatile session.
The Sensex, after touching a high of 81,177.93 during the day, closed 259.75 points or 0.32 per cent higher at 80,501.99.
The Nifty, meanwhile, rose 12.50 points or 0.05 per cent to close at 24,346.70, moving between 24,238.50 and 24,589.15 during the session.
Adani Ports, IndusInd Bank, Bajaj Finance, SBI, Maruti Suzuki India and Tata Steel were among the top gainers on the Nifty. On the other hand, JSW Steel, Eicher Motors, Bajaj Auto, Hero MotoCorp, HDFC Life and Nestle were the biggest losers. Going forward, there is support at 24,250 and a fall below this level could lead to a correction towards 24,000. “Otherwise, the index may remain range bound within the 24,000-24,550 band. Only a decisive breakout above 24,550 could give the index a good rally,” said Rupak Dey of LKP Securities. Sector-wise performance was mixed.
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Some gains were seen in media, energy, IT and oil & gas stocks, rising between 0.3 and 0.7 per cent. However, sectors such as power, metals, telecom, pharma, realty and consumer durables declined between 0.5 and 2 per cent. The BSE midcap index fell 0.4 per cent, while the smallcap index closed flat, with limited movement in broader markets. According to Sundar Kewat of Ashika Institutional Equities, the initial gains were seen due to easing of concerns over a possible trade war between the US and China. He said that China’s willingness to engage in talks gave confidence to the global markets. In addition, continued foreign institutional investment supported the Indian market. However, investors remained cautious due to rising geopolitical tensions between India and Pakistan, which limited further gains. Kewat said that the session witnessed a lot of volatility, with prices fluctuating significantly on both sides of the trade. In the currency market, the Indian rupee closed slightly lower at 84.56 per dollar compared to Wednesday’s closing level of 84.49.
