New Delhi, 06 November (H.S.): Domestic equity markets traded firmly in positive territory during early trading on Friday, with both benchmark indices registering notable gains despite weak global signals and turmoil in US technology stocks. The Indian markets had opened with modest gains amid widespread bearish cues from international markets. Although an initial bout of selling briefly dragged the indices into negative territory, buyers soon regained control.
Strong buying across banking and automobile stocks, in particular, helped the BSE Sensex and NSE Nifty gather considerable momentum. Supported by sustained demand, the markets not only recovered from the initial impact of weak global sentiment but also moved steadily higher. However, intermittent bouts of profit-booking continued to temper the rally.
After the first hour of trading, the Sensex was up 0.73 per cent, while the Nifty was trading 0.43 per cent higher.
The 30-share Sensex opened at 79,413.66, gaining 103.65 points, or 0.13 per cent. However, mild selling pressure immediately after the opening bell pushed the index into negative territory, taking it down to an intraday low of 79,016.05 within the first few minutes.
The market subsequently witnessed a strong buying revival. Gains in heavyweight banking stocks, particularly HDFC Bank and ICICI Bank, provided an initial boost to the benchmark index. The Sensex recovered sharply from its low, climbing 943.43 points to touch an intraday high of 79,959.48.
Amid continued buying and selling activity, the Sensex was trading at 79,886.42 at 10:15 am, up 576.41 points, or 0.73 per cent, after the first hour of the session.
Similarly, the Nifty began the day’s trading at 24,538.20, a marginal gain of 1.60 points, or 0.007 per cent. However, selling pressure immediately after the opening pushed the index down to an intraday low of 24,388.05.
The benchmark subsequently staged a strong recovery as aggressive buying emerged in heavyweight stocks such as Mahindra & Mahindra and ICICI Bank. Supported by sustained demand, the Nifty rebounded 285.50 points from its low to reach an intraday high of 24,673.55.
At 10:15 am, after the first hour of trading, the Nifty was quoted at 24,641.70, registering a gain of 105.10 points, or 0.43 per cent.
Market breadth, however, remained weak despite the gains in the benchmark indices. A total of 2,991 stocks were actively traded during the morning session. Of these, 889 were trading in positive territory, while 2,102 were registering losses.
Among the 30 Sensex constituents, 16 stocks were trading higher, supported by buying interest, while 14 were in the red. Similarly, of the 50 Nifty constituents, 20 were trading with gains, while 30 were recording losses.
Among the heavyweight stocks, Mahindra & Mahindra led the gainers, surging 4.58 per cent. Titan Company advanced 2.47 per cent, Tata Consultancy Services (TCS) gained 1.68 per cent, Infosys rose 1.54 per cent and Adani Ports climbed 1.37 per cent.
On the other hand, Shriram Finance topped the list of losers, declining 3.03 per cent. Hindalco Industries fell 2.95 per cent, Power Grid Corporation slipped 2.53 per cent, Bharat Electronics declined 1.42 per cent and Jio Financial Services lost 1.28 per cent.
In the previous trading session on Thursday, domestic equity markets had ended with substantial gains. The Sensex surged 2,008.61 points, or 2.60 per cent, to close at 79,310.01, while the Nifty jumped 576 points, or 2.40 per cent, to settle at 24,536.60.
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Hindusthan Samachar / Jun Sarkar
