New Delhi, 16 October (H.S.): Indian equity markets were trading higher in early dealings on Friday, with the Sensex and Nifty posting gains despite bouts of volatility. Both benchmark indices opened marginally higher in positive territory but witnessed fluctuations soon after the opening bell as buying and selling pressures alternated. After the first hour of trading, at 10:15 am, the Sensex was up 0.43 per cent, while the Nifty had gained 0.48 per cent.
The BSE Sensex opened 25.47 points, or 0.03 per cent, higher at 74,341.08. Volatility set in soon after trading began. Gains in information technology stocks provided support to the market, while selling pressure in heavyweight stocks such as Reliance Industries and ICICI Bank weighed on the Sensex.
Amid selling pressure, the index slipped to an intraday low of 74,012.99. However, renewed buying lifted it to 74,634.20. Following continued buying and selling activity, the Sensex was trading at 74,631.48 at 10:15 am, up 315.87 points, or 0.43 per cent.
The NSE Nifty also opened higher, gaining 67.75 points, or 0.29 per cent, to begin the session at 23,065.10. Selling pressure emerged immediately after the market opened, dragging the index down to an intraday low of 22,913.80. However, buying gathered momentum after the first 20 minutes of trading, helping the Nifty recover and climb to 23,107.45.
Supported by sustained buying amid continuing market fluctuations, the Nifty was trading at 23,106.85 at 10:15 am, up 109.50 points, or 0.48 per cent.
Market breadth remained mixed during the session. A total of 2,863 stocks were actively traded, of which 1,572 were trading in positive territory, while 1,291 were recording losses. Among the 30 Sensex constituents, 17 were trading higher and 13 lower. On the Nifty, 17 of the 50 constituent stocks were in the green, while 33 were trading in the red.
Among the major gainers after the first hour of trading, Tech Mahindra was up 6.93 per cent, Infosys gained 4.02 per cent, Tata Consultancy Services (TCS) advanced 3.53 per cent, Bharti Airtel rose 1.89 per cent and HCL Technologies climbed 1.32 per cent.
On the losing side, HDFC Life Insurance Company declined 2.65 per cent, BSE Ltd fell 2.60 per cent, Tata Consumer Products slipped 1.38 per cent, Shriram Finance lost 1.27 per cent and Bajaj Finserv was down 0.95 per cent.
In the previous trading session on Thursday, the domestic equity market had registered strong gains. The Sensex surged 1,533.72 points, or 2.11 per cent, to close at 74,315.61, while the Nifty climbed 374.65 points, or 1.66 per cent, to settle at 22,997.35.
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Hindusthan Samachar / Jun Sarkar
