The Indian equity markets opened positively on Friday, buoyed by anticipation surrounding the release of Q4FY24 GDP data. However, as the trading session progressed, both key benchmarks, Sensex and Nifty, experienced volatility and began erasing their early gains.
As of 10:25 am, the BSE Sensex had risen by 180 points to reach 74,066, while the NSE Nifty50 was trading at 22,527, up 39 points from its previous close.
Stock Update
On the 30-share Sensex index, several stocks emerged as early gainers, including M&M, L&T, Bajaj Finance, UltraCemco, Titan, and ITC. Conversely, stocks such as Infosys, Kotak Bank, TCS, Axis Bank, Airtel, and SBI were among the losers, exerting downward pressure on the index.
Broader Indices Performance
In the broader market indices, the Nifty Midcap showed resilience by jumping 0.67 percent, while the Smallcap index also displayed positive momentum, trading 0.50 percent higher.
Sectoral Performance
Sectorwise, most indices exhibited strength, with only IT and Pharma sectors witnessing marginal declines. Notably, the Realty index led the gains with a robust rise of 1.5 percent, followed closely by the Financial Services sector, which recorded a gain of 0.86 percent.
Previous Session Recap
In the preceding trading session on Thursday, both the Sensex and Nifty had registered losses. The Sensex had fallen by 617 points to close at 73,885, while the NSE Nifty50 had slumped by 216 points to settle at 22,488.
The Indian equity markets are currently navigating through a phase of volatility, with investors closely monitoring the upcoming release of Q4FY24 GDP data. While certain stocks are witnessing gains, others are grappling with losses, contributing to the overall fluctuation in the indices. As the trading day progresses, market participants remain vigilant, assessing the evolving economic landscape and its potential impact on stock performance.
