Benchmark indices recouped losses in Friday’s intra-day deals on the back of gains in auto and select infra shares.
The S&P BSE Sensex touched a low of 73,460, and thereafter rebounded into the positive zone and quoted nearly 200 points higher at 73,850 levels. The Nifty50 index was seen hovering around 22,450 levels.
M&M rallied 7 per cent on the Sensex, folowed by Tata Motors, Tata Steel, SBI, Kotak Bank, and Ultratech Cement. However, weighing on the index were losses in Axis Bank, Sun Pharma, IndusInd Bank, Asian Paints, Infosys, Reliance, Bajaj Finserv, ICICI Bank, and HUL.
In the broader markets, the BSE MidCap, and SmallCap indices were up nearly 1 per cent each.
Market View by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
There are some positive global and domestic cues which augur well for the market. The decline in US inflation in April to 3.4% YoY and retail sales cooling off indicate a soft landing of the US economy, paving the way for rate cuts by the Fed. This favourable global construct can impart resilience to the mother market thereby providing stability to other markets. Domestically, the improvement in the voter turnout in the 4th phase of polling is positive from the market perspective since it removes some jitters associated with election results.
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