Sensex, Nifty Trade Flat; Reliance Industries, ICICI Bank Outperform

Sensex, Nifty Trade Flat; Reliance Industries, ICICI Bank Outperform

The Indian equity benchmarks were largely unchanged on Friday as gains in Reliance Industries, ICICI Bank, Bharti Airtel, State Bank of India and Bajaj Finance were offset with losses in Tata Consultancy Services, Infosys, HDFC Bank and Tata Steel. The Sensex traded in the band of 259 points and Nifty 50 index touched an intraday high of 15,711.20 and a low of 15,635.95. The benchmarks were on track to record a more than 1 per cent weekly loss as they struggled for momentum, after hitting all-time highs recently, due to a lack of fresh domestic triggers.

As of 12:51 pm, the Sensex was up 62 points or 0.12 per cent to 52,377 and Nifty 50 index advanced 14 points to 15,694.

While declining COVID-19 cases, easing of curbs and a surge in vaccinations have helped the Nifty and Sensex hit record highs as recently as Monday, they’ve been unable to make any headway since. For the week so far, they are down about 1.2 per cent.

Seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Realty index’s 0.8 per cent gain. Nifty Bank, Private Bank, PSU Bank, Media and Financial Services indexes also rose between 0.4-0.8 per cent.

On the other hand, Nifty IT, Metal, FMCG and Auto indices were trading lower.

Mid- and small-cap shares were outperforming the frontline shares as Nifty Midcap 100 index rose 0.59 per cent and Nifty Smallcap 100 index climbed 1 per cent.

Divis Labs was tip Nifty gainer, the stock rose 1.6 per cent to Rs 4,506. Adani Ports, UPL, ICICI Bank, Titan, Tata Consumer Products, Reliance Industries, Indian Oil, Bharti Airtel and Bajaj Finance also rose between 0.8-1.2 per cent.

On the flipside, JSW Steel, TCS, Power Grid, Hindustan Unilever, HDFC Life, HCL Technologies, Nestle India, Shree Cements, Wipro and Bajaj Auto were among the losers.

The overall market breadth was positive as 1,936 shares were advancing while 1,164 were declining on the BSE.

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