Stock market sheds losses in volatile session; Nifty trades near 25,700

The Indian stock market shed its previous losses in a volatile session on Friday, with the Nifty trading near 25,700.

At the close, the Sensex was up 266.47 points, or 0.32%, to 83,580.40, while the Nifty gained 50.90 points, or 0.20%, at 25,693.70.

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Broader markets showed mixed performance, with the Nifty Midcap index ending flat and the Smallcap index slipping 0.3%.

Among the sectors, the Nifty Bank index ended almost flat, while the Financial Services index rose 0.43%.

Further, the Nifty FMCG clocked a strong gain of 2.27%, while the Nifty Consumer Durables rose 0.96%. The Nifty Private Bank, Realty, and Oil and Gas indices also gained more than half a per cent each.

Among the Nifty50 gainers were ITC, up 5.21%; Kotak Mahindra Bank, up 3.33%; and Hindustan Unilever, up 2.83%. On the losing side were HDFC Life Insurance Company, down 2.40%; Tech Mahindra, down 1.83%; and TCS, down 1.71%.

The advance-decline ratio remained in favour of decliners, with over 1,900 stocks advancing and more than 2,200 declining on the BSE.

Around 83 stocks hit their 52-week highs, while 107 stocks hit their 52-week lows in intraday trade on the BSE.

Those hitting highs included IOC, APL Apollo Tubes, Jindal Steel, FSN E-Commerce Ventures, and SAIL. On the lows were Naukri, Mankind Pharma, and Procter & Gamble Hygiene and Health Care.

The Nifty Realty index slipped up to 1%. Among notable stocks, Oberoi Realty declined 1.9%, while Lodha Developers, Brigade Enterprises, Godrej Properties, and DLF were also among the major laggards, shedding up to 1%.

IT stocks, including Infosys, Tech Mahindra, LTIMindtree, and Tata Consultancy Services (TCS), fell by up to 8%.