Sensex, Nifty end flat after choppy day; Titan up 5%, Varroc Engg tanks 7%
Equity markets were volatile on Friday, swinging rapidly during the day, as every bargain buying witnessed selling pressure on the top. The S&P BSE Sensex hit a high of 58,269, and a low of 57,851 during the day before closing at 58,191. It slipped 31 points, or 0.05 percent, compared to Thursday’s close.
The NSE Nifty50, on the other hand, shut shop at 17,315, down 17 points or 0.1 percent. The benchmark indices were weighed down by energy, IT, FMCG, and financial stocks with Tata Consumer Products, M&M, Coal India, BPCL, SBI, TCS, JSW Steel, Adani Ports, HCL Tech, and ITC being the top laggards. On the upside, Titan Company, IndusInd Bank, PowerGrid, Grasim, and Maruti Suzuki trimmed losses, rising over 1 percent each.
In the broader markets, the BSE MidCap index fell 0.15 percent, while the BSE SmallCap index added 0.3 percent.
The rupee weakened to a new low against the US dollar on Friday as Federal Reserve officials in the US outlined a large quantum of rate hikes going ahead, leading to a stronger greenback globally. The rupee, which weakened past the 82 per dollar mark for the first time, hit a low of 82.42 per dollar during the day. Its previous low was 81.95 per dollar. Meanwhile, yields on 10-year government bonds were back above 7.5 percent during the day.
IPO Market was buzzing with the three-day issue of Electronics Mart India, the consumer durables company was subscribed 62 times till 3:30 PM. The QIB portion subscribed at 138 times, NII at 60.4 times, and Retail at 19 times.