New Delhi, 30 October (H.S.): The domestic equity market remained volatile during early trading on Friday, with the benchmark Sensex and Nifty hovering around the flatline after a mixed opening.
The market initially came under selling pressure soon after the opening bell, dragging both benchmark indices into negative territory. However, buying interest at lower levels triggered a sharp recovery, helping the indices recoup their early losses. The rebound, however, proved short-lived as selling pressure resurfaced, weakening the market's momentum once again.
Amid persistent bouts of buying and selling, the Sensex was trading marginally higher by 0.04 per cent after the first hour of trading, while the Nifty was down 0.06 per cent.
The BSE Sensex opened at 74,199.69, gaining 48.65 points, or 0.07 per cent. However, selling pressure emerged immediately after the commencement of trading. Declines in heavyweight stocks such as State Bank of India (SBI) and Reliance Industries contributed to the initial weakness.
The selling pressure dragged the index into negative territory, taking it to an intraday low of 74,099.33. Buying activity at lower levels subsequently provided support, enabling the Sensex to recover its losses and move back into positive territory.
Supported by renewed buying, the index staged a strong recovery from its intraday low and climbed to a high of 74,422.42. However, selling pressure returned shortly afterwards, once again weighing on its movement.
At around 10:15 a.m., after the first hour of trading, the Sensex was quoting at 74,180.48, up 29.44 points, or 0.04 per cent.
Similarly, the NSE Nifty opened at 22,964.50, advancing 27.75 points, or 0.12 per cent. Soon after the opening, selling pressure pulled the index down to an intraday low of 22,919.85. However, buying at lower levels helped it recover swiftly from the initial setback.
The recovery gathered momentum, with the Nifty climbing to an intraday high of 23,019.25 during early trade. The gains, however, could not be sustained, as fresh selling soon pushed the index back into negative territory.
At around 10:15 a.m., the Nifty was trading at 22,922.80, down 13.95 points, or 0.06 per cent, after the first hour of trading.
A total of 2,873 stocks were actively traded in the market at the time. Of these, 883 were trading in positive territory, while 1,990 were registering losses.
Among the 30 constituents of the Sensex, 17 stocks were trading higher on the back of buying support, while 13 were in the red amid selling pressure. On the Nifty, 26 of the 50 constituent stocks were trading with gains, while 24 were trading lower.
Among the market heavyweights, Trent was the top gainer, rising 6.44 per cent. InterGlobe Aviation advanced 3.57 per cent, Sun Pharmaceutical Industries gained 1.85 per cent, Infosys climbed 1.56 per cent, and HCL Technologies rose 1.47 per cent. These stocks provided some support to the market.
On the other hand, Coal India emerged as the biggest laggard, declining 2.01 per cent. Nestle India fell 1.40 per cent, Shriram Finance dropped 1.34 per cent, Tata Consumer Products slipped 1.28 per cent, and Bharat Electronics declined 0.76 per cent.
In the previous trading session on Thursday, the Sensex had closed 905.01 points, or 1.24 per cent, higher at 74,151.04. The Nifty had also ended the session on a strong note, gaining 237.90 points, or 1.05 per cent, to settle at 22,936.75.
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Hindusthan Samachar / Jun Sarkar
