Market starts on a volatile note on weak global cues
Equity benchmark BSE Sensex and NSE Nifty started on a volatile note on Friday, tracking weak cues from global markets as concerns over US political uncertainty kept investors on edge.
After dropping 175 points in early session, the 30-share index pared all losses to trade 38.89 points, or 0.28 per cent, higher at 38,879.19 at 0935 hours, while the broader Nifty advanced 5.85 points, or 0.10 per cent, to 11,577.05.
In the previous session on Thursday, the BSE barometer ended 396.22 points, or 1.03 per cent, higher at 38,989.74. Similarly, the broader NSE Nifty soared 131 points, or 1.15 per cent, to end at 11,571.20.
Top losers in the Sensex pack in early trade included Yes Bank, Tata Motors, Vedanta, Tata Steel, Asian Paints, ONGC, ICICI Bank, Kotak Bank, IndusInd Bank and Hero MotoCorp, shedding up to 3 per cent.
On the other hand, ITC, NTPC, Infosys, Bajaj Finance, SBI, HCL Tech, HDFC and Maruti rose up to 2 per cent. According to traders, market volatility has heightened as concerns over US President Donald Trump's impeachment inquiry has made investors nervous around the globe.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading lower in their respective late morning sessions. Shares on Wall Street too ended in the red on Thursday.
However, foreign fund inflow and stock-specific gains are capping the losses, traders said. On Thursday, foreign portfolio investors bought shares worth a net of Rs 737.17 crore, and domestic institutional investors purchased equities worth Rs 339.28 crore, provisional data showed.
On the currency front, the rupee depreciated 4 paise against its previous close to 70.92 in early session. Global oil benchmark Brent crude rose 0.97 per cent to 62.13 per barrel (intra-day).
