On Friday, after an unstable session amidst positive signals from global markets, equity benchmarks Nifty and Sensex ended slightly higher. The 30-share BSE Sensex ended 0.06% or 28.35 points higher at 48,832.03. Likewise, the broader NSE Nifty increased 0.25% or 36.40 points to 14617.85.
In the Sensex pack, Asian Paints was the top gainer by rising over 2%, followed by Ultratech Cement, ONGC, Sun Pharma, HCL Tech and Nestle India. Whereas, ICICIC Bank, Bajaj Finance, L&T, TCS, Infosys and Reliance Industries were among the laggards.
Binod Modi, Head-Strategy at Reliance Securities, said that a constant rush in second wave of COVID-19 cases in the country, which already crossed 2 lakh daily cases, has undoubtedly posed a menace to sustainability of rebound of earnings momentum.
Although the government’s strong effort to accelerate vaccination progress and absence of complete lockdown in Delhi and Maharashtra offered some comfort to equities, but the risk of other states taking steps to increase economic restrictions continues to persist, which may continue to weigh on investors’ sentiments in the near term, he noted. He further stated, “Unlike last year, states seem to be reluctant this time for complete lockdown due to wider ramification on economic activities.” “Further, current level of mobility restrictions imposed at different states and government’s focus to improve supply of vaccine in the country should be helpful to contain outbreak in coming weeks and essentially should not lead to large economic damage”.
In another places in Asia, bourses in Hong Kong, Shanghai, Seoul and Tokyo ended on a positive note. Stock exchanges in Europe too were trading with gains in mid-session deals.