The BSE Sensex and NSE Nifty recouped entire losses led by buying interest in banks, oil & gas and FMCG stocks. Even the rupee recovered from record low of 54.89 a dollar to 54.72 a dollar, but it was still down 25 paise as compared to previous close of 54.47 a dollar.
The BSE benchmark rose 36.55 points or 0.23% to 16,107.03 and the NSE benchmark gained 10.85 points or 0.22% at 4,881.05.
Now the market seemed to be priced in all negative news about eurozone, says experts.
Adrian Mowat, Chief Asian and emerging equity strategist at JPMorgan Chase & Co does acknowledge that globally, markets are pricing in a debt saddled Greece exiting the euro zone. Mowat sees global equities rallying once worries from the Euro area are addressed and reined in. “Right now is not the time to buy risk assets,” he adds.
European markets like France's CAC, Germany's DAX and Britain's FTSE were down 0.5-0.75% as German government bond yields hit record lows on Friday, the US dollar rose, bank crisis escalated in Spain and Fitch downgraded Greece.
Back home, index heavyweight and oil & gas producer Reliance Industries shot up 1.5% while its rival state-owned ONGC rose 0.87%.
Country's top lender State Bank of India rallied 3.6% after it has reported a better than expected net profit of Rs 4,050 crore for the fourth quarter of FY12 due to improved asset quality. Even its rivals ICICI Bank and HDFC Bank gained 1.4% and 0.9%, respectively. The Bank Nifty jumped over 1%.
FMCG majors ITC and HUL were up around 1%. Shares of M&M, NTPC, Sun Pharma, Sterlite Industries, DLF and GAIL moved up 1-2%.
However, the BSE Auto Index fell 1.4% as record low rupee seen raising the cost of imports, royalty payments. Tata Motors, Bajaj Auto and Maruti tanked 2-3%; Hero Motocorp was down 1.4%.
Infosys, Larsen & Toubro, BHEL, Bharti Airtel, Coal India, Tata Power and Hindalco were down 0.7-1.5%.
(With inputs from Reuters)
The BSE Sensex and NSE Nifty pared somewhat losses in afternoon trade due to buying interest at lower levels in beaten down stocks. Even country's largest lender State Bank of India helped the market trim losses as the bank reported higher than expected profit after tax of Rs 4,050 crore.
The Sensex and the Nifty took heavy knock on Friday due to consistent fall across all the sectors. Rising concerns over Eurozone and disappointing US data dented the sentiment. Even the Indian rupee depreciated by 40 paise to record low of 54.86 a dollar as euro and other Asian currencies too were under pressure.
The BSE Sensex and NSE Nifty showed somewhat recovery, though both were down nearly 1% each. The Indian rupee fell to a record low against the dollar for the third consecutive day on Friday as risk aversion made a strong comeback with Asian stocks showing deep cuts and euro falling to a four-month low.
SENSEX-RUPEE-ICICI-INFOSYS-TATA-MOTORS:Sensex hits new 4-month low, rupee weakens
The BSE Sensex and NSE Nifty started of trade with 1.2% gap down on Friday morning, reacting sharply to rising concerns over Spain and Greece in Eurozone, and weak US economic data.
ADS BY GOOGLE
video of the day
Dont see mkt going anywhere now; like Bharat Forge: Dipen