Nifty IT index closes in the green; Tech Mahindra, TCS top gainers

Sensex closes 43 points lower Nifty at 10,226 level amid rangebound trade

Indian shares erased early gains and closed slightly lower on Friday, dragged down by steel companies such as Tata Steel Ltd as investors kept to the sidelines due to a lack of clarity on the USA tariff on steel and aluminium imports.

The broad-based NSE Nifty, after shuttling between 10,296.70 and 10,211.90, finally ended 15.80 points, or 0.15 per cent down at 10,226.85.

However, the BSE market breadth was bearish with 1,530 declines and 1,197 advances.

"Bottom fishing on the back of gains in Asian stocks amid news of potential U.S. tariff exemptions helped to boost the market sentiments", Deepak Jasani, Head - Retail Research, HDFC Securities, said.

Sensex today: In a volatile trading session, the benchmark indices settled lower, paring all intraday gains, led by losses in banking and metal stocks. Both BSE MidCap and BSE SmallCap index rose 0.56% and 0.50% respectively.

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On the currency front, the Indian rupee weakened by 26 paise to close at 65.15 against the USA dollar from its previous close at 64.89.

"Market reversed from the last six days losing streak as ease in trade war concerns and short covering in PSU banks supported the rally".

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 364.80 crore on net basis while domestic institutional investors (DIIs) bought shares worth Rs 675.26 crore on Thursday, provisional data showed. "Mid & Small-cap continued to underperform, as investors are still waiting for further ease in violation". On BSE, Realty (1.63%), Bankex (1.43%), Energy (1.30%), Finance (1.16%), Capital Goods (1.12%) indices were the main gainers. Sectoral indices led by Metal, IT, Teck, Consumer Durables and FMCG led the gains, rising by up to 0.64 per cent.

Other laggards included Adani Ports, Sun Pharma, Tata Motors, NTPC, Maruti Suzuki, Dr Reddy's, Coal India, ONGC, Power Grid and Hero MotoCorp, falling up to 2.21 per cent. Find us on Facebook too!

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