MUMBAI, India — Indian equity markets rebounded from early losses and closed higher on Friday as the National Democratic Alliance (NDA) appeared headed for a sweeping win in the Bihar Assembly elections. The results boosted investor sentiment after a volatile start to the session.
The Sensex closed at 84,562.78, up 84.11 points, or 0.10 percent. The index opened weak at 84,060.14 — more than 400 points below Thursday’s close — amid caution ahead of the election outcome. However, it surged more than 550 points from the day’s low to finish in positive territory. The Nifty also advanced, ending 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 firm noted that the index briefly tested the 26,000 mark in the first half before encountering resistance.
Volatility persisted throughout the day as vote counting continued in Bihar, a politically significant state where the NDA’s strong performance helped buoy market confidence.
Among the key 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: IT and auto stocks saw selling pressure, while FMCG, banking, and financial stocks attracted buyers. Nifty Bank rose 135 points (0.23 percent), Nifty Financial Services gained 95 points (0.35 percent), and Nifty FMCG climbed 317 points (0.57 percent). Nifty IT fell 378 points (1.03 percent) and Nifty Auto declined 143 points (0.52 percent).
Broader markets also improved, with the Nifty Midcap 100 finishing flat, Nifty Small Cap 100 rising 68 points (0.38 percent), and Nifty 100 closing slightly positive.
The rupee traded in a tight range near 88.70 as the U.S. dollar index held steady around 99.20, providing limited directional cues. Jateen Trivedi of LKP Securities said the absence of major U.S. data due to the recent government shutdown kept market participants focused on fund flows. He warned that rising crude prices could pressure the rupee if WTI remains above $60.
Overall, the currency is expected to stay range-bound between 88.45 and 88.95 in the near term, Trivedi said. (Source: IANS)
