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Equity benchmarks erased early gains after realty, capital goods, teck, auto, PSU, IT, power and bankex counters came under selling pressure, falling up to 1.28 per cent.
The indices closed with losses for the week, with the Sensex declining 476.14 points, and the broader NSE Nifty falling 155.45 points during the period.
Bank Nifty closes at a 30-month high; Rate sensitives lead the rally on RBI rate cut optimism.
Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome.
The rout in Adani Group stocks after US-based short seller Hindenburg Research released a report on January 24 has sparked a rebound in trading activity this month. The average daily trading volume (ADTV) for the cash segment (both NSE and BSE combined) so far in February stands at Rs 59,346 crore, and is around 15 per cent more than the previous month's tally of Rs 51,844 crore, which was the lowest in six months. The ADTV for the futures and options (F&O) segment rose to a record Rs 204 trillion (notional turnover) against Rs 202 trillion in January.
M&M was the top loser in the Sensex pack, shedding over 2 per cent, followed by Dr Reddy's Bharti Airtel, Tech Mahindra, HUL, ICICI Bank and Infosys. NSE Nifty dropped 64.80 points to 14,341.35.
Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors.
India's equity markets are on a roller-coaster ride, after delivering spectacular returns for two consecutive years - in 2020 and 2021. The benchmark National Stock Exchange's (NSE's) Nifty50 is down 1.5 per cent in the first nine months of the current calendar year 2022 (CY22) as foreign portfolio investors sold Indian stocks due to rising bond yields in the US and across global markets, including India. The sell-off in the Indian equity markets has, however, not been broad-based and largely limited to sectors facing earnings headwinds from rising interest rates, lower commodity and energy prices, and likely economic recession in advanced economies.
The bear market has lasted 10 months and the Nifty is down by over 20 per cent from its all-time peak of 9,119 in March 2015.
'The correction could take two to three months and traders need to be careful.' 'For investors, this could be a good time to nibble in.'
PSU bank shares were the top gainers on hopes of a rate by the RBI on easing consumer inflation
In the Sensex kitty, ITC turned star performer by surging 2.45 per cent, followed by NTPC rising 2.19 per cent.
Brokers said a flurry of buying by investors in blue-chips mainly influenced the sentiment.
Tata Steel, SBI, L&T and Sun Pharma advanced 2-5% each.
Metals, auto and banking shares were in the limelight in this session; the FMCG pack, however, ended lower.
'Retail investors have been selling since the Budget and Foreign Portfolio Investors started selling.' 'Thus far, domestic institutions have picked up the slack, buying enough to keep the major indices from falling off a cliff.' 'However, there has been carnage in smaller stocks and the financial sector has been hit much harder than the major market indices,' points out Devangshu Datta.
The broader NSE Nifty reclaimed the key 10,000-mark and touched a high of 10,143.50 before finally settling at 10,130.65
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
M&M was the top gainer in the Sensex pack, soaring around 7 per cent, followed by Bajaj Finserv, Bharti Airtel, PowerGrid, Infosys and ICICI Bank. On the other hand, HUL, Kotak Bank, Bajaj Finance and ITC were among the laggards.
The BSE Sensex gained 104.63 points to end at 33,147.13, while the broader Nifty spurted 48.45 points to finish at 10,343.80.
IndusInd Bank, Kotak Bank, ICICI Bank, Sun Pharma, Bajaj Finance and Ultratech Cement were prominent gainers. NSE Nifty rose 176.65 points to 14,867.35.
A fall presents an opportunity to buy rate-sensitive stocks.
As many as 267 of 453 companies from the BSE500 index are trading above their consensus price targets, according to the data compiled by Bloomberg. Not all companies in the BSE500 index are tracked by analysts.
Persistent capital inflows by domestic institutional investors and retail investors kept the markets in fine nick
Covering-up of pending short positions on expiry of the July derivatives contracts and a strengthening rupee propped up the markets at high levels
Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent.
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
Investor sentiments remained upbeat tracking global developments as the US, China geared up for trade talks due this week.
Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
Sun Pharma was the best gainer among Sensex components, surging 6.91 per cent
Kotak Bank was the top gainer in the Sensex pack, ending 4.31 per cent higher. PowerGrid, TCS, ICICI Bank, SBI, HCL Tech, NTPC, Infosys, Bajaj Finance, HDFC duo, ONGC, Vedanta and IndusInd Bank too rose up to 2.84 per cent.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
The ongoing corporate results and the Union budget are also making participants tread cautiously though the GST agreement provided some relief.
Coal India fell the most by 2.58 per cent among Sensex scrips, dragging the index into the negative zone.
The mid-cap index fell while small-cap advanced.
The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45.
Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
On a net basis, foreign portfolio investors bought Rs 446 crore worth of domestic stocks on Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 49.68 crore, provisional data available with BSE suggested.
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