range bound movement of the market is likely to be broken with an upward move soon, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The Indian stock market opened lower on Friday with heavy selling across the board. The domestic market declined in line with the Asian stocks over concerns of rising cases of Delta variant of Covid-19 and its impact on the global economic recovery.
The selloff was led by banking and metal stocks.
The BSE Sensex fell as much as 615 points to touch an intraday low of 55,013.98 points. It has, however, recovered from the lows.
At 10.02 a.m., Sensex was trading at 55,323.06, lower by 306.43 points or 0.55 percent from its previous close of 55,629.49 points. It opened at 55,159.13 and has so far touched an intraday high of 55,495.60.
The Nifty50 on the National Stock Exchange was trading at 16,454.70, lower by 114.15 points or 0.69 percent from its previous close.
The top gainers on the BSE Sensex were Asian Paints, Hindustan Unilever, and Bharti Airtel, while the major losers were Tata Steel, Kotak Mahindra Bank, and Dr. Reddy’s Laboratories.
Bharti Airtel is the top gainer on Nifty. At 09:44 hrs Bharti Airtel stock was quoting at Rs 632.30, up to Rs 9.55, or 1.53 percent. It has touched an intraday high of Rs 632.95 and an intraday low of Rs 618.35.
It was trading with volumes of 82,215 shares, compared to its five-day average of 442,069 shares, a decrease of -81.40 percent. It was trading with volumes of 82,215 shares, compared to its thirty-day average of 839,431 shares, a decrease of -90.21 percent.
In the previous trading session, the share closed down 0.57 percent or Rs 3.55 at Rs 622.75. The share touched its 52-week high Rs 644.00 and a 52-week low of Rs 394.05 on 16 August 2021 and 19 October 2020, respectively.
Currently, it is trading 1.82 percent below its 52-week high and 60.46 percent above its 52-week low.
Shares of the Pidilite Industries Ltd. traded at Rs 2230.0 on BSE at 10:41 AM (IST) on Friday, up 0.22 percent from the previous close. The stock quoted a 52-week low price of Rs 1383.15 and a high of Rs 2335.0.
Earlier, shares of the company saw a gap up opening in the morning.
A total of 62,110 lakh shares changed hands on the counter till 10:41 AM (IST).