Equity markets in volatile session, Sensex hits 47K in opening bell

Equity benchmark indices witnessed volatility during early hours on Friday tracking mixed Asian trends which defied a broader global rally.

The BSE S&P Sensex opened at 47,026 but levelled 147 points or 0.31 per cent lower to 46,743 at 10:15 am. The Nifty 50 too slipped by 55 points or 0.4 per cent at 13,686.

Except for Nifty IT which moved up by 1.3 points, all sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank dipping by 2.5 per cent, private bank by 1.6 per cent, financial service by 1.4 per cent and metal by 1.1 per cent.

Among stocks, IndusInd Bank dropped by 3.6 per cent to Rs 901.40 per share while Kotak Mahindra Bank was down by 2.1 per cent and HDFC Bank by 1.7 per cent.

The other prominent losers were ONGC, GAIL, Tata Motors, HDFC and Bajaj Finance.

However, IT stocks advanced with HCL Technologies gaining by 1.8 per cent to Rs 895.60 per share, Infosys by 1.7 per cent, Tata Consultancy Services by 1.4 per cent and Wipro by 0.7 per cent.

Hindustan Lever, Nestle India, Britannia, Titan, Bajaj Auto and Dr Reddy’s too witnessed marginal gains.

Meanwhile, Asian shares slipped from the record they hit a day earlier but the prospect of a major US coronavirus relief package left some investors still in the mood to pick up stocks and other risk-exposed assets.

MSCI’s broadest index of Asia Pacific shares outside Japan dropped by 0.3 per cent from Thursday’s record and Japan’s Nikkei dipped by 0.2 per cent.

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