Indian equity benchmarks exhibited volatility and traded on a flat note on Friday following mixed Asian cues. Global sentiment was tepid as the US remained shut for the Thanksgiving holiday.
The BSE Sensex hovered around the 66,000 level, down 34 points led by losses in IT, auto, and metal shares. Meanwhile, the NSE Nifty50 index stayed afloat above the 19,800 mark despite weakness across most sectoral indices.
HCL Tech, Tata Motors, Infosys, Wipro, and Tata Steel faced selling pressure on the Sensex pack. On the flipside, Sun Pharma, NTPC, M&M and Maruti mustered some gains.
In the broader market, midcap and smallcap stocks saw keen investor interest after the recent underperformance. Nifty Pharma outshone rising over 1% while the IT index slid nearly 0.5%.
The last day of the week is seeing cautious trading amid the scheduled F&O expiry of November contracts. Consolidation may continue but analysts expect the positive undertone to sustain on the back of FIIs slowing down their selling spree.
Globally, Asian indices were trading mixed on China reopening optimism being offset by recession worries and geopolitical tensions. European stocks had ended with mild gains overnight.
On Thursday, domestic indices halted their two-day losing run despite volatility surrounding the expiry session. The Sensex closed 6 points lower at 66,018 while the Nifty settled 10 points down at 19,802.
Going ahead, investors may log some profits on frontline stocks after the recent rally. But market experts foresee the rally regaining momentum after a pause on global rebound hopes.
