Nifty 50, Sensex fail to hold gains; auto, FMCG stocks rise
The Nifty 50 closed 0.11% lower, settling at 23,727, while the Sensex ended with a minor 0.09% drop at 78,472.
The Nifty 50 closed 0.11% lower, settling at 23,727, while the Sensex ended with a minor 0.09% drop at 78,472.
At close, the Sensex was up 498.58 points or 0.64% at 78,540.17, and the Nifty was up 165.95 points or 0.70% at 23,753.45.
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
Benchmark indices tumbled over 1% on Thursday marking their fourth consecutive session of decline. The decline came amid global market weakness weighing heavily on investor sentiment.
At close, the Sensex was down 1,064.12 points or 1.30 per cent at 80,684.45, and the Nifty was down 332.25 points or 1.35 per cent at 24,336.
The unprecedented pandemic has knocked India off its fiscal consolidation path for the next few years and revival of the economy remains the primary concern of the government.
Domestic equities remained buoyant and benchmark Nifty surpassed the psychologically-key 15,000 level before settling lower, said Binod Modi, Head Strategy at Reliance Securities.
On the Sensex pack, gainers were led by IndusInd Bank, zooming around 8 per cent, followed by PowerGrid, Dr Reddy's, Sun Pharma, NTPC and Axis Bank.
Most analysts are of the view that the equity markets reacted positively to the Budget primarily due to higher capital expenditure plans, status quo on direct taxes and no incremental taxes on capital gains.
Healthy buying was witnessed in banking, finance and auto stocks.
