Share market decline in early trade after 4-day rally

Mumbai: Equity benchmark indices declined in initial trade on Friday in a highly volatile trade as investors preferred to stay on the sidelines after a four-day rally in the markets.

The 30-share BSE Sensex declined 73.79 points to 60,575.59. The broader NSE Nifty dipped 17.85 points to 17,897.20.

From the Sensex firms, Bajaj Finserv, Asian Paints, Hindustan Unilever, Axis Bank, IndusInd Bank, Power Grid, Bajaj Finance and Kotak Mahindra Bank were the major laggards.

Wipro, Tech Mahindra, Tata Consultancy Services, Sun Pharma and Reliance Industries were among the gainers.

In Asian markets, Seoul traded lower, while Japan, Shanghai and Hong Kong quoted in the green.

The US markets had ended with significant gains on Thursday.

"Markets may see a volatile opening as SGX Nifty has been witnessing sharp gyration even as key US indices bounced back sharply from the recent slump to end sharply higher in overnight trades. Going by the recent uptrend, there are chances that the Nifty could recapture the psychological 18,000-mark.

"FII buying of local shares has also continued and they bought shares to the tune of Rs 1,653 crore in yesterday's trades, while sluggish crude oil below $80 a barrel bodes well for India's economy," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said in his pre-market opening quote.

He further said with the global macroeconomic scenario still looking extremely bleak and local markets having run sharply in recent sessions, profit-taking could be on the cards going ahead.

The BSE benchmark climbed 348.80 points or 0.58 per cent to settle at 60,649.38 on Thursday. The Nifty advanced 101.45 points or 0.57 per cent to end at 17,915.05.

Meanwhile, global oil benchmark Brent crude climbed 0.41 per cent to USD 78.69 per barrel.

Foreign Institutional Investors (FIIs) were buyers on Thursday as they bought equities worth Rs 1,652.95 crore, according to exchange data.