Sensex, Nifty Gain For Fourth Straight Session Led By Sun Pharma, ITC

The Indian equity benchmarks reversed early losses and edged higher for the fourth straight session on Friday led by gains in banking and metal stocks despite weak global cues. The Sensex rose as much as 370 points and Nifty 500 index touched an intraday high of 16,694.40. The benchmarks however gave up intraday gains to end flat owing to volatility amid ongoing tensions between Russia and Ukraine, analysts said.

The Sensex settled 86 points or 0.15 per cent higher at 55,550 and Nifty 50 index advanced 36 points to close at 16,630.

Global shares were mixed on Friday as uncertainty over the war in Ukraine and persistently high inflation hung over world markets.

Stocks opened higher in Europe after most Asian benchmarks retreated.

Investors are fretting over how the world economy may struggle with price pressures and slowing growth. Oil prices advanced on Friday as Russian forces broadened their offensive in Ukraine, attacking two major cities to the west and an industrial center in the east of the country.

Back home, twelve of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Healthcare index's over 2.6 per cent gain. Nifty Metal, Media, Bank, Financial Services, Realty, and Private Bank also rose around 1 per cent each.

Broader markets witnessed buying interest as Nifty Midcap 100 index was up 0.62 per cent and Nifty Smallcap 100 index advanced nearly 1 per cent.

Cipla was top Nifty gainer, the stock rose nearly 6 per cent to close at Rs 12,045. Bharat Petroleum, Sun Pharma, JSW Steel, Indian Oil, Dr Reddy's Labs, Power Grid and Coal India also rose between 1.65-4 per cent.

On the flipside, Nestle India, Maruti Suzuki, Tata Consumer Products, Hindalco, NTPC, Tata Steel, Britannia Industries, Mahindra & Mahindra and Adani Ports were among the losers.

The overall market breadth was positive as 2083 shares were advancing while 1240 were declining on the BSE.