Benchmarks recover on value buying in IT, PSU bank stocks

Mumbai: Benchmark stock indices Sensex and Nifty gave up most of their intra-day gains to end nearly half a per cent higher on Friday, following intense buying in PSU bank, IT and metal stocks amid concerns over a further spike in fuel-driven inflation.

In another volatile session, the 30-share BSE Sensex climbed 325.72 points or 0.44 per cent to settle at 74,532.96. During the day, it jumped 1,079.15 points, or 1.45 per cent, to 75,286.39.

The 50-share NSE Nifty edged higher by 112.35 points, or 0.49 per cent, to end at 23,114.50. Intra-day, it jumped 343 points, or 1.49 per cent, to 23,345.15. From the 30-Sensex firms, Tata Steel, Tech Mahindra, Infosys, Trent, Reliance Industries, Titan, NTPC and Sun Pharma were among the major gainers.

HDFC Bank, Bharat Electronics, Kotak Mahindra Bank and ICICI Bank were among the laggards. Meanwhile, the price of premium or higher-grade petrol on Friday was increased by Rs 2 per litre, and the rate of bulk diesel sold to industrial users was hiked by about Rs 22 a litre, reflecting the spike in global oil prices amid conflict in West Asia.

“Positive comments aimed at de-escalating the conflict and avoiding attacks on oil and gas infrastructure led to a moderate rebound during the day.

However, investor sentiment remains fragile, with gains tapering off as participants remain reluctant to hold positions over the weekend amid war-related uncertainties,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

“Indian equities witnessed a relief-driven rebound, primarily driven by short-covering after a sharp build-up of bearish positions in the previous sessions,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.