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Sensex Rises 21.12 Points, Nifty Drops 8.05 Points After Choppy Trade

Negative trend in global equities leads to volatile session, rupee breaks eight-day losing streak

After a volatile session, equity benchmarks Sensex and Nifty ended on a flat note on Friday, amid a largely negative trend in global equities. However, the rupee broke its eight-day losing streak to appreciate 22 paise and close at 73.86 against the dollar, taking cues from stronger Asian currencies and lower crude oil prices.

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Meanwhile, the government reported that there has been an almost 85 per cent decline in daily new Covid cases since it peaked on May 7.

The 30-share BSE Sensex ended 21.12 points or 0.04 per cent higher at 52,344.45, while the NSE Nifty dropped 8.05 points or 0.05 per cent lower to 15,683.35.

ONGC was the top loser in the Sensex pack, shedding around 4 per cent, followed by NTPC, PowerGrid, M&M, Nestle India, SBI and HCL Tech, while HUL, Bajaj Auto, Bharti Airtel, Bajaj Finserv were among the gainers.

“It was an extremely volatile trading day for domestic equities, with benchmark Nifty recovering sharply from the day’s low,” said Binod Modi, the head of strategy at Reliance Securities.

Barring FMCG and pharma, all key sectoral indices traded in the red. Metals, PSU banks, and realty indices witnessed steeper contraction. Further, heavy profit-booking was seen in midcap and smallcap stocks, after a sharp rally in recent weeks, Modi noted.

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Elsewhere in Asia, bourses in Hong Kong and Seoul ended on a positive note, while Shanghai and Tokyo closed lower. Stock exchanges in Europe were largely trading with losses in mid-session deals, as Brent crude traded 0.73 per cent lower at $72.55 per barrel.

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