MUMBAI, India — Indian equity markets bounced back from steep early losses on Friday to close in positive territory as the National Democratic Alliance (NDA) appeared headed for a decisive win in the Bihar Assembly elections. The shifting political momentum helped lift investor sentiment after a volatile start to the session.
The Sensex ended at 84,562.78, up 84.11 points, or 0.10 percent. The index opened at 84,060.14 — more than 400 points below Thursday’s close — amid caution around the vote count but rebounded sharply, climbing more than 550 points from the day’s low. The Nifty also edged higher, closing at 25,910.05, up 30.90 points, or 0.12 percent.
“Indian markets witnessed a roller-coaster session with the Nifty showing sharp two-sided moves,” Ashika Institutional Equities said in a note. The index briefly tested the 26,000 mark in the first half before pulling back.
Volatility remained elevated as investors closely tracked developments in Bihar, where the election carries considerable political significance.
Among the Sensex gainers were Tata Motors, Eternal, Axis Bank, BEL, Trent, SBI, Sun Pharma, Bajaj Finance, Adani Airports, Hindustan Unilever, Asian Paints, ITC, and NTPC. Major laggards included Infosys, Tata Steel, Tata Motors PV, ICICI Bank, Maruti Suzuki, and Tech Mahindra.
Sectoral performance was mixed: FMCG, banking, and financial stocks advanced, while IT and auto names declined. Nifty Bank gained 135 points (0.23 percent), Nifty Financial Services added 95 points (0.35 percent), and Nifty FMCG rose 317 points (0.57 percent). Nifty IT dropped 378 points (1.03 percent), and Nifty Auto fell 143 points (0.52 percent).
Broader market indices mirrored the trend, with the Nifty Midcap 100 finishing flat and the Nifty Small Cap 100 rising 68 points (0.38 percent). The Nifty 100 ended slightly higher.
The rupee traded in a tight band near 88.70 as the U.S. dollar index hovered around 99.20. Jateen Trivedi of LKP Securities noted that the absence of major U.S. economic data due to the recent government shutdown kept the market dependent on fund flows. Mixed foreign institutional investment and steady domestic institutional buying helped keep the currency range-bound.
Trivedi added that rising crude prices could pressure the rupee if WTI sustains above $60. The rupee is expected to remain between 88.45 and 88.95 in the near term. (Source: IANS)
