Market erases previous losses amid buying across sectors
At close, Sensex was up 592.93 points or 0.78% at 76,617.44, and the Nifty was up 166.65 points or 0.72% at 23,332.35.
Around 1% losses were registered by the benchmark indices Stock market on Friday amid all-round selloff.
Nifty 50 closed the day with a loss of 270 points, or 1.09%, at 24,530.90, while the Sensex ended at 80,604.65, down 739 points, or 0.91%.
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Profit booking was seen across the market ahead of the Union Budget 2024.
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The midcap and smallcap segments experienced even steeper declines as investors booked profits.
The BSE Midcap and Smallcap indices cracked over 2% each. The overall market capitalisation of the firms listed on the BSE dropped to nearly Rs 446.3 lakh crore from nearly Rs 454.3 lakh crore in the previous session.
On Nifty 50, Infosys (1.78%), ITC (0.62%), Asian Paints (0.60%) and Britannia (0.06%) closed in the green while Tata Steel (4.97%), JSW Steel (4.68%) and BPCL (3.98%) closed as the top losers.
The rupee ends at a record low of 83.66/$ against the US dollar, lower than Thursday’s close of 83.65/$.
Shares of Paytm fell 1% at Rs 441 apiece, post the announcement of its quarterly results, For Q1FY25, Paytm’s consolidated net loss widened two-and-half times to Rs 839 crore from Rs 357 crore a year ago, as the company continues to cope with the impact the RBI curbs shutting the payments bank business.
Shares of Go Digit General Insurance surged 7% to Rs 363 in the morning trade after international brokerage Citi initiated coverage with a ‘buy’ call as it sees multiple levers of growth for the company.
Analysts have assigned a price target of Rs 425, implying an upside potential of 25% from the current market levels.
Zydus Lifesciences shares fell 3% after the company’s Jarod injectables manufacturing facility was classified as ‘Official Action Indicated’ (OAI) by the USFDA.
The global markets were in a sombre mood amid growing uncertainty over the outcome of the US presidential race.
Weak Chinese macro data and deepening China-US trade tensions also weighed on sentiment.
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