Indian equity markets witnessed sharp volatility on Friday, with the opening session facing heavy selling amid a rise in crude oil prices, weak global cues and international tensions. The Sensex and Nifty came under pressure in early trade. However, buying returned in banking and pharmaceutical stocks as the session progressed, helping the market recover from its lower levels.
The Sensex recovered nearly 600 points from the day's low, but both benchmark indices still closed in the red. Across the broader market, 1,773 shares closed higher, while 2,373 declined. Around 190 shares remained largely unchanged.
At the close of Friday's trading session, the BSE Sensex fell 120.83 points, or 0.16 per cent, to 74,781.76. The NSE Nifty 50 declined 79.70 points, or 0.34 per cent, to close at 23,398.10.
The closing levels were considerably better than those seen during the initial decline. The Sensex's recovery of nearly 600 points from the day's low reflected buying in select stocks at lower levels.
Several major banking and pharmaceutical stocks recorded buying interest in Nifty's sectoral performance. HDFC Bank was among the key gainers, with its shares rising 2.08 per cent to close at ₹708.25. Dr. Reddy's Laboratories gained 1.97 per cent.
Some stocks in the IT and financial sectors also closed higher. Tech Mahindra rose 1 per cent, HDFC Life gained 0.73 per cent, Wipro advanced 0.66 per cent and Kotak Bank increased 0.59 per cent. ITC and Infosys also ended the session in positive territory.
Several major stocks in the metal and auto sectors faced selling pressure. Hindalco Industries fell 3.21 per cent, while JSW Steel declined 2.99 per cent. Eicher Motors fell 2.17 per cent, Tata Steel declined 2.02 per cent and ONGC ended around 2.01 per cent lower. Maruti fell 1.51 per cent and SBI declined 1.39 per cent.
Weakness in metal stocks kept pressure on the market. Rising crude oil prices and continued global uncertainty resulted in investors avoiding aggressive buying in riskier stocks.
