Equity benchmarks remained volatile in noon trade while the broader markets outperformed with the BSE Midcap and Smallcap indices rising 0.7 percent each.
The 30-share BSE Sensex was down 8.48 points at 28764.65 and the 50-share NSE Nifty declined 1.10 points to 8866.35.
Axis Bank was the biggest loser, down nearly 4 percent followed by ITC, Lupin, ICICI Bank, HUL and Tata Motors whereas BHEL gained the most, up 2 percent. Reliance Industries, HDFC Bank, TCS, ONGC and HDFC were other gainers.
The market is still in negative terrain as the Sensex is down 26.31 points at 28746.82. The Nifty down 5.60 points at 8861.85. About 1191 shares have advanced, 968 shares declined, and 173 shares are unchanged.
BHEL, ONGC. M&M, Reliance and Bajaj Auto are top gainers while Axis Bank, Lupin, HUL, ICICI Bank and Tata Motors are losers in the Sensex.
Asian shares edged closer to 14-month highs on Friday while the dollar was on the defensive as investors grew more convinced that the Federal Reserve is settling into a phase of very gradual interest rate hikes.
Japan’s Nikkei dipped 0.2 percent, reflecting the yen’s gains during Japan’s market holiday on Thursday.
US stocks climbed on Thursday, with big tech names leading broad gains, building on strength from a day earlier that was fuelled by the Federal Reserve’s decision to stand pat on interest rates.
The S&P 500 tallied its best two-day performance in more than two months, while the Nasdaq closed at a record high.
Fed Chair Janet Yellen said on Wednesday that US growth was looking stronger and rate increases would be needed to keep the economy from overheating and fuelling high inflation. But the central bank maintained the low-interest rate environment that has helped underpin the bull market for stocks.
The industrial average rose 98.76 points, or 0.54 percent, to 18,392.46, the S&P 500 gained 14.06 points, or 0.65 percent, to 2,177.18 and the Nasdaq Composite added 44.34 points, or 0.84 percent, to 5,339.52.
The BSE benchmark Sensex came off day’s high in noon trade due to profit booking. The index rallied as much as 364 points in early trade after the Federal Reserve chairperson Janet Yellen decided to keep rates unchanged and her commentary also indicated no rate hike in Decemberas well.
The 30-share BSE Sensex was up 221.98 points or 0.78 percent at 28729.40 and the 50-share NSE Nifty gained 72.85 points or 0.83 percent at 8850. About 1560 shares advanced against 932 declining shares on the BSE.
Reliance Industries, ICICI Bank, HDFC, HDFC Bank and L&T were top contributors to Sensex’s gains whereas TCS, Axis Bank, Lupin, HUL and Wipro remained weak.
The market remained strong with the Nifty trading above 8850, though it came off day’s high, after the Federal Reserve kept rates unchanged but hinted for likely rate hike in December policy meeting. Banks, oil and FMCG stocks were leaders.
The Sensex was up 282.69 points or 0.99 percent at 28790.11 and the Nifty gained 88.25 points or 1.01 percent at 8865.40. The broader markets climbed nearly 1 percent on positive breadth as more than three shares advanced for every share falling on the exchange.
Reliance Industries, HDFC Bank, Maruti Suzuki and Eicher Motors hit fresh 52-week high today, rising 1.5-2 percent.
However, technology stocks were only losers. TCS, Infosys and Wipro were down 0.3-0.5 percent.