Sensex extends gains for sixth day; Axis Bank zooms 9 pc post Q2 show

Mumbai: The Sensex and Nifty defied gravity for the sixth session on the trot on Friday as healthy corporate earnings and fresh foreign fund inflows offset negative cues from global markets.

Recovering after a sharp sell-off in later afternoon trade, the 30-share BSE Sensex ended 104.25 points or 0.18 per cent higher at 59,307.15.

Similarly, the broader NSE Nifty rose 12.35 points or 0.07 per cent to 17,576.30.

Axis Bank was the star performer among the Sensex constituents, soaring 8.96 per cent after the company on Thursday reported a 66.29 per cent jump in its consolidated net profit for the September quarter at Rs 5,625.25 crore, driven by a substantial decrease in bad loan provisions and margin expansion.

The other major winners from the 30-share pack were ICICI Bank, Hindustan Unilever, Kotak Mahindra Bank, Nestle India, Titan and UltraTech Cement.

However, Bajaj Finance, Bajaj Finserv, IndusInd Bank, Larsen & Toubro, Asian Paints, ITC and Reliance Industries were among the laggards, shedding as much as 3.20 per cent.

"Selling emerged in the second half led by a weak start to the European markets due to fears of tight monetary policy. Domestic investors maintained their caution and began to book profits in anticipation of the truncated week.

"Good start to Q2 FY23 results by banks, IT, and FMCG stocks maintained stability in the market but mid and small caps were heavily impacted," said Vinod Nair, Head of Research at Geojit Financial Services.

On a weekly basis, the Sensex climbed 1,387.18 points or 2.39 per cent, while the Nifty gained 390.60 points or 2.27 per cent.

"Markets have been showing resilience amid mixed cues, however the participation is largely restricted to select sectors and stocks. Besides, inconsistency on the global front is also keeping the momentum in check," said Ajit Mishra, VP - Research, Religare Broking Ltd.

In the broader market, the BSE midcap gauge declined 0.75 per cent and smallcap index fell by 0.60 per cent on Friday.

Among the BSE sectoral indices, bankex jumped 2.07 per cent, financial services climbed 0.61 per cent and realty ended marginally higher by 0.10 per cent.

However, capital goods declined 1.12 per cent, industrials tumbled 1.07 per cent, commodities fell by 0.88 per cent, metal went lower by 0.89 per cent and power dipped 0.74 per cent.

In other Asian markets, Seoul, Tokyo and Hong Kong ended lower, while Shanghai closed with gains.

Stock exchanges in Europe were trading lower in mid-session deals. Wall Street had ended lower on Thursday.

International oil benchmark Brent crude was trading 0.37 per cent lower at USD 92.02 per barrel.

The rupee pared its initial losses and settled 4 paise higher at 82.75 (provisional) against the US dollar on Friday.

Foreign institutional investors (FIIs) turned net buyers in the market on Thursday after many sessions, picking up shares worth Rs 1,864.79 crore, as per exchange data.

The BSE and NSE will conduct a one-hour special muhurat trading session on Monday, marking the beginning of a new Samvat 2079 -- the Hindu calendar year that starts on Diwali.

The trading session would be held between 1815 hrs and 1915 hours.

During Samvat 2078, the Sensex dipped 464.77 points, while the Nifty shed 252.90 points.