Indian shares reversed early losses to end modestly higher on Friday despite many uncertainties on the global front.
Gains in European markets and falling oil prices offered some support as the dollar strengthened in international markets amid an uncertain outlook for rates and economic growth.
Overall gains, however, were limited by lingering worries over the U.S. banking sector, the impasse over U.S. debt ceiling, China’s patchy recovery and uncertainty over Federal Reserve policy.
The benchmark S&P BSE Sensex hit an intraday low of 61,578.15 before ending the session up 123.38 points, or 0.20 percent, at 62,027.90.
Likewise, the broader NSE Nifty index settled 17.80 points, or 0.1 percent, higher at 18,314.80, after having hit a low of 18,194.55 earlier in the session.
Automakers topped the gainers list, with Eicher Motors surging 5.9 percent on posting robust quarterly earnings.
Hindustan Unilever, Axis Bank, IndusInd Bank and Mahindra & Mahindra rallied 1-2 percent.
The South Indian Bank jumped 8.3 percent after the lender reported its highest ever net profit in Q4.
Max Healthcare Institute added 2.7 percent after it was added to the MSCI India Index.
On the losing side, Tata Steel, NTPC, Power Grid Corp, BPCL and Hindalco declined 2-4 percent.
Market Analysis
Sensex, Nifty Reverse Early Losses To End Higher
2023-05-12 10:29:31
