Sensex and Nifty barely moved; auto stocks rose while IT firms dropped
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Summary: The Sensex witnessed an intraday low of 80,971 after falling as much as 82 points, and the Nifty 50 index reached a 24,792 intraday low.
The gains in Reliance Industries, ICICI Bank, Tata Motors, Sun Pharma, and Bharti Airtel were countered by losses in Infosys, HDFC Bank, Tata Consultancy Services, Titan, and ITC, leaving the Indian market benchmarks barely changed on Friday. The Nifty 50 index saw an intraday high of 24,858 and a low of 24,792, while the Sensex fluctuated within a range of 265 points.
The Nifty 50 index fell 6 points to 24,805, while the Sensex was up 26 points at 81,079 as of 9:35 a.m.
The majority of Asian markets saw a fall in trade, with the Nikkei in Japan down 0.24%, the Straits Times in Singapore down 0.05%, the Hang Seng in Hong Kong down 0.71%, and the KOSPI in South Korea down 0.51%.
All three major US market indices saw overnight losses on Thursday, with technology equities leading the way, as global central bank officials convened at the Jackson Hole Economic Symposium and Treasury yields rose as recession fears subsided.
The Dow Jones Industrial Average dropped to 40,712.78, a loss of 177.71 points, or 0.43 percent. Both the Nasdaq Composite and the S&P 500 saw losses of 1.67 percent and 50.21 points, respectively, to 17,619.35 and 5,570.64.
The National Stock Exchange's 13 sector gauges were trading higher, with the Nifty Auto index leading the way with a 1% rise. There was purchasing activity in certain equities related to healthcare, PSU banks, pharmaceuticals, and financial services.
However, there was pressure to sell shares of private banks, IT, media, and metal.
There was some buying interest in mid- and small-cap equities as the Nifty Midcap 100 and Nifty Smallcap 100 indexes increased by 0.24 percent each.
The largest Nifty gainer was Bajaj Auto, whose shares increased 1.94 percent to Rs 9,914. Among the gainers were Hero MotoCorp, Tata Motors, Apollo Hospitals, Reliance Industries, Hindalco, Sun Pharma, and Maruti Suzuki.
On the other hand, among the losers were Asian Paints, Tech Mahindra, Wipro, Grasim, SBI Life, LTI Mindtree, Infosys, and Titan.
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