Gains drive market to end high; Auto Index led gains
The stock market ended higher on Friday, driven by gains. The domestic market witnessed low volatility in the absence of fresh triggers and traded on a positive note throughout the session.
Domestic equity benchmarks snapped their five-day winning streak on Thursday, led by losses in index heavyweights HDFC twins, Reliance Industries and ICICI Bank.
The S&P BSE index settled 143.62 points or 0.31 per cent lower at 45,959.88 while the broader NSE Nifty fell 50.80 points or 0.38 per cent to 13,478.30.
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UltraTech Cement was the top loser in the Sensex pack, shedding around 3 per cent, followed by M&M, HDFC Bank, IndusInd Bank, Axis Bank and Reliance Industries.
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The losers were led by Nestle India, ITC, HUL and Kotak Bank were among the gainers.
According to traders, profit-booking emerged at higher levels, dragging benchmark indices lower.
The broader indices traded weak along with selling seen in basic materials, public sector and capital goods counters.
“During the afternoon session, markets scaled back from lows as traders took some relief from reports that the Asian Development Bank (ADB) raised the growth forecast for India in the current fiscal year to (-) 8 per cent from the (-) 9 per cent projection in September while keeping the outlook for the next fiscal year at 8 per cent,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.
Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended in the red, while Shanghai was in the positive territory.
Stock exchanges in Europe were also trading with gains in early deals.
Meanwhile, the global oil benchmark Brent crude futures rose 0.76 per cent to USD 49.23 per barrel.
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