Mumbai, Nov 14: Indian equity indices recovered from early losses to end the session on a positive note on Friday as the National Democratic Alliance (NDA) headed towards a landslide win in the Bihar elections.
The key indices remained volatile throughout the session as counting for votes for Bihar’s Assembly election continues.
Sensex settled at 84,562.78, up 84.11 points or 0.10 per cent. The share index started the session at 84,060.14, falling over 400 points against last day’s closing of 84,478.67 amid caution ahead of Bihar election results. However, the index jumped over 550 points from the day’s low to close in green.
Nifty closed at 25,910.05, up 30.90 points or 0.12 per cent.
“Indian markets today witnessed a roller-coaster session with the benchmark index Nifty showing sharp two-sided moves. In the first half, Nifty surged and tested the crucial 26,000 level before facing resistance and slipping lower later in the day,” Ashika Institutional Equities said in its note.
Volatility remained elevated as investors stayed cautious ahead of Bihar election results, which hold significant political importance.
Tata Motors, Eternal, Axis Bank, BEL, Trent, SBI, Sun Pharma, Bajaj Finance, Adani Airports, Hindustan Unilever, Asian Paints, ITC and NTPC were the top gainers from the Sensex basket. Infosys, Tata Steel, Tata Motors PV, ICICI Bank, Maruti Suzuki and Tech Mahindra ended the session lower.
Sectoral indices experienced a mixed approach with selling in the IT and auto sectors and buying in the FMCG, banking and finance stocks. Nifty Bank rose 135 points or 0.23 per cent, Nifty Fin Services jumped 95 points or 0.35 per cent, and Nifty FMCG closed 317 points or 0.57 per cent higher. While Nifty IT slipped 378 points or 1.03 per cent, and Nifty Auto fell 143 points or 0.52 per cent.
Broader market followed suit as well, with Nifty Midcap 100 closed flat, Nifty Small Cap 100 rose 68 points or 0.38 per cent, and Nifty 100 ended the session slightly up.
Rupee traded in a narrow range near 88.70 as the dollar index remained flat around $99.20, offering limited directional cues.
“With no major U.S. data releases due to the recent shutdown, the market stayed largely dependent on flows, where mixed FII activity and consistent DII buying kept the rupee in a confined band. Crude prices have begun to rebound, and if WTI sustains above $60, it may add fresh pressure on the rupee in the coming sessions. Overall, the rupee is expected to remain range-bound with levels seen between 88.45–88.95,” said Jateen Trivedi of LKP Securities.
–IANS