The benchmark indices, which opened on a positive note in the early hours, reversed into the red. The Sensex is trading at 76,343.90, down by 176.48 points or 0.23%, while the Nifty stands at 23,134.40, lower by 70.95 points or 0.31%.
The benchmark equity indices started Friday’s session on a positive note. The NSE Nifty 50 rose by 69.90 points or 0.30% to begin trading at 23,275.50, while the BSE Sensex advanced 251.80 points or 0.33% to open at 76,770.56.
During the pre-open session, the Nifty 50 was down 64.80 points, or 0.28%, at 23,140.55, while the Sensex was up 88 points, or 0.12%, at 76,608.38.
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“The nifty rose for a second day yesterday following Wednesday’s hammer, but came off its session highs. The 23426 – 23471 remains a formidable upside hurdle for the benchmark, but the real action is occurring in the NSE mid- and smallcap indexes which significantly outperformed the nifty. The former traced an upside follow through candle yesterday while the latter generated a “bullish piercing line” formation. All the headline indices remain below the major daily moving averages – 50/100/200, so its important to tread with caution as the market starts to probe higher levels,” said Akshay Chinchalkar, Head of Research, Axis Securities.
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In the morning session, Power Grid Corporation led the gains in the Sensex 30 pack, surging 2.38% to trade at Rs 301.30. It was followed by NTPC, which rose 1.50% to Rs 328.50. Tata Steel gained 1.34%, trading at Rs 132.25, while UltraTech Cement climbed 1.28% to Rs 11,568.75 and Bharti Airtel, up 0.80% at Rs 1,649.20.
In the Nifty 50, Power Grid Corporation of India is leading the gainers, trading at Rs 300.45, up 2.07%, followed by Shriram Finance at Rs 538.8,
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