New Delhi, 13 November (H.S.): Indian equity benchmarks witnessed a sharp sell-off in early trade on Friday, but subsequently recovered from their intraday lows as investors stepped in to buy stocks at lower levels. A combination of mixed global cues, rising crude oil prices and October retail inflation crossing the 6 per cent mark weighed on market sentiment.

Heavy selling dominated the opening session, bringing an end to the three-day winning streak of both the Sensex and the Nifty 50. However, buying interest emerged shortly after the opening bell, helping both indices pare some of their initial losses. At the end of the first hour of trading, the Sensex was down 0.17 per cent, while the Nifty 50 was trading 0.35 per cent lower.

The BSE Sensex opened 77.23 points, or 0.09 per cent, lower at 81,833.78 amid weak market signals. Soon after trading began, heavy selling emerged in major banking, automobile and financial services stocks. During the initial minutes, the index plunged more than 580 points to an intraday low of 81,300.46.

However, modest support from pharmaceutical and IT stocks helped the benchmark recover from its lows. Amid continued buying and selling activity, the Sensex was trading at 81,768.62 at 10:15 am, down 142.39 points, or 0.17 per cent.

Similarly, the NSE Nifty 50 began the session 89.50 points, or 0.35 per cent, lower at 25,209.85. Intense selling pressure immediately after the opening bell dragged the index below the psychologically significant 25,100-mark to an intraday low of 25,077.55. It subsequently recovered as buyers became active at lower levels. At 10:15 am, the Nifty 50 was trading at 25,211.85, down 87.50 points, or 0.35 per cent.

On the sectoral front, pharmaceutical, healthcare, capital goods and IT stocks were trading with gains, providing some support to the broader market. In contrast, banking, automobile, metal and oil and gas stocks faced selling pressure, with their respective sectoral indices trading in the red.

A total of 2,874 stocks were actively traded on the stock market during the session. Of these, 1,167 shares were trading in positive territory, while 1,707 were in the red. Among the 30 Sensex constituents, 10 stocks were advancing and 20 were declining. Similarly, on the Nifty 50, 12 stocks were trading with gains, while 38 were registering losses.

Among the major gainers on the NSE, Sun Pharmaceutical Industries led the list, rising 1.33 per cent to Rs. 1,910. Apollo Hospitals Enterprise advanced 1.25 per cent to Rs. 8,621.50, while Dr. Reddy's Laboratories gained 1.02 per cent to Rs. 1,400.80. Oil and Natural Gas Corporation (ONGC) rose 0.91 per cent to Rs. 226.55, and HCL Technologies climbed 0.84 per cent to Rs. 1,392.40.

On the losing side, Shriram Finance topped the list, declining 2.17 per cent to Rs. 982. HDFC Bank fell 1.43 per cent to Rs. 800.70, while SBI Life Insurance dropped 1.25 per cent to Rs. 1,796.70. Titan Company slipped 1.24 per cent to Rs. 4,860.70, and Axis Bank declined 1.09 per cent to Rs. 1,328.20.

In the previous trading session on Thursday, the Sensex had closed marginally higher by 31.61 points, or 0.04 per cent, at 81,911.01. The Nifty had also ended the session on a positive note, gaining 44.30 points, or 0.18 per cent, to settle at 25,299.35.

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Hindusthan Samachar / Jun Sarkar