Updated: March 19, 2021 4:08:55 pm
The benchmark equity indices on the BSE and National Stock Exchange (NSE) snapped out of their five-session losing streak and ended over 1 per cent higher on Friday following a volatile session of trade.
The S&P BSE Sensex rose 641.72 points (1.30 per cent) to settle at 49,858.24, while the broader Nifty 50 ended at 14,744.00, up 186.15 points (1.28 per cent).
Both the indices had started off on a negative note with the 30-share BSE benchmark slipping 629.59 points (1.28 per cent) to a low of 48,586.93 during the early trade today, while the broader Nifty fell 207.75 points (1.43 per cent) to 14,350.10. As the session progressed, they erased their losses and turned positive in the afternoon trade.
Oil-to-telecom behemoth Reliance Industries was the biggest contributor to Sensex’s gains on Friday. It was followed by FMCG giants- Hindustan Unilever (HUL) and ITC and private sector lender ICICI Bank.
In the previous session, Sensex ended 585.10 points (1.17 per cent) lower at 49,216.52, and Nifty slumped 163.45 points (1.11 per cent) to 14,557.85.
Among the sectoral indices on NSE, the Nifty FMCG index was the top gainer of the day, climbing 2.43 per cent led by HUL and United Breweries. It was followed by the Nifty Metal index that rose 2.08 per cent aided by Hindustan Copper and JSW Steel. The key Nifty Bank index gained 0.90 per cent on Friday led by Bandhan Bank and RBL Bank.
“The highly volatile domestic markets witnessed a smart recovery from its morning weakness and was swinging between gains and losses during the day owing to strong buying seen in FMCG, Pharma and Energy stocks. However, auto stocks were under pressure after the announcement of the government’s new scrapping policy. The unsettling pace of US bond yields and a surge in COVID cases worldwide resulted in the global markets trading deep in red,” said Vinod Nair, Head of Research at Geojit Financial Services.
US bond yields on Friday edged off the 14-month highs reached the day before as markets looked to a US economic recovery, while oil stabilised after a 7 per cent slide.
Bond markets have experienced sharp moves this week as the US Federal Reserve said it expected higher economic growth and inflation in the United States this year, although it repeated its pledge to keep its target interest rate near zero.
Yields on US 10-year notes, which move inversely to price and have been rising for the past seven weeks on growth expectations, spiked to their highest since January 2020 at 1.754 per cent on Thursday. They were last at 1.6838 per cent.
German long-dated government bond yields slipped in tandem with US yields.
MSCI world stocks fell 0.21 per cent from one-month highs in the previous session, though Nasdaq futures rose 0.8 per cent and S&P 500 futures gained 0.4 per cent.
French stocks fell 0.5 per cent. UK stocks fell 0.7 per cent as energy stocks dropped.
–global market inputs from Reuters
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