Sensex, Nifty Erase Early Gains, Reliance, Bharti Airtel Top Drags

The Indian equity benchmarks edged higher on Friday with Sensex rising as much as 296 points and Nifty moving above its important psychological level of 17,450

Sensex, Nifty Erase Early Gains, Reliance, Bharti Airtel Top Drags

The Indian equity benchmarks erased gains after edging higher in opening deals on Friday. The Sensex rising as much as 296 points and Nifty moved above its important psychological level of 17,450 amid weak global cues. Asian stocks fell after Chinese ride-hailing giant Didi said it would delist in New York, renewing concern about U.S.-China tensions and tech regulation, while oil headed for a sixth consecutive weekly drop on Omicron and rate hike worries.

S&P 500 futures fell about 0.5 per cent. Hong Kong's Hang Seng dropped 1.3 per cent, dragged by big tech names. MSCI's index of Asia shares outside Japan fell 0.7 per cent.

Didi ran afoul of Chinese regulators by pushing ahead with its $4.4 billion U.S. IPO in July and said on Weibo it was looking to move its listing to Hong Kong.

As of 10:00 am, the Sensex was down 53 points at 58,409 and Nifty 50 index declined 11 points to 17,390.

Twelve of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Media index's over 2 per cent gain. Nifty Realty, PSU Bank, Private Bank, Oil & Gas, and Bank Indices also rose between 0.6-1 per cent.

On the other hand, FMCG, Pharma and Healthcare shares were witnessing a mild selling pressure.

Broader markets were outperforming their larger peers as mid- and small-cap shares were also witnessing buying interest, The Nifty Midcap 100 index rose 0.55 per cent and Nifty Smallcap 100 index advanced 1.2 per cent.

Larsen & Toubro was top Nifty gainer, the stock rose nearly 3 per cent to Rs 1,837. Bharat Petroleum, Eicher Motor, Indian Oil, Infosys, UPL, Axis Bank, Kotak Mahindra Bank, UltraTech Cement, Adani Ports and Hero MotoCorp were also among the gainers.

On the flipside, Nestle India, Bharti Airtel, SBI Life, Dr Reddy's Labs, Asian Paints, Cipla, Sun Pharma, Divi's Labs and Reliance Industries were among the losers.

The overall market breadth was positive as 1,790 shares were advancing while 946 were declining on the BSE.

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