Indian shares gave up early gains to end on a flat note Friday, tracking weak cues from Asian and European markets as U.S.-China tensions returned to the fore and investors awaited more signs of progress in U.S. stimulus measures.
The benchmark S&P BSE Sensex hit as high as 51,804.58 before giving up gains to end the session up 12.78 points, or 0.02 percent, at 51,544.30.
The broader NSE Nifty index ended down 10 points, or 0.07 percent, at 15,163.30 after climbing to 15,243.50 earlier in the day.
Adani Ports rallied 3.3 percent on brokerage recommendations post its Q3 results, while Wipro, Axis Bank, Infosys and ICICI Bank gained 1-3 percent.
Among the decliners, cigarette maker ITC lost 3.9 percent after reporting lower net profit for the quarter ended December.
Coal India, Sun Pharma, ONGC and GAIL dropped 2-3 percent.
The combination of falling coronavirus infections and a high-spending Union Budget made Chris Wood, Global head of equity strategy, Jefferies reaffirm his bullishness for Indian equity markets.
“With Covid cases in India now 88 percent off their peak amid growing hopes of herd immunity, India looks right now Asia’s best post Covid recovery story,” Wood said in his weekly Greed and Fear letter.
Market Analysis
Sensex, Nifty Give Up Early Gains To End Flat
2021-02-12 10:51:49
