However, the frontline indices could not capitalize on to the early gains and drifted into the red in very early trade.
Advertisement
Meanwhile, most of the Asian markets were trading on a subdued note. According to Reuters, consumer inflation probably edged up for the fifth straight month in December, driven by higher food prices.
Tracking firm European cues, domestic equities in a highly volatile session snapped two-day falling run as the BSE Sensex recovered from 19-month lows to end over 172 points higher at 24,854.11 led by a strong rally in RIL and Infosys ahead of Q3 earnings.
The wide-based National Stock Exchange Nifty fell below 7,500-mark, dropping 118.60 points, or 1.56 per cent, to 7,443.80 points.
Biggest losers in the 30-share index were G A I L (India) (3.10%), Oil & Natural Gas Corporation (2.67%), Tata Motors (1.93%), Bharat Heavy Electricals (1.91%), Bharti Airtel (1.78%), and Bajaj Auto (1.51%).
The Sensex of the S&P BSE, which opened at 24,787.11 points, provisionally closed at 24,825.04 points (at 3.30 p.m.) – down 109.29 points, or 0.44 percent from the previous day’s close at 24,934.33 points.
During the intra-day trade, the Sensex touched a high of 24,956.54 points and a low of 24,387.69 points – its new low in 52 weeks.
Market breadth was negative with 940 advances against 1,149 declines.
Infosys third quarter results gave markets a positive surprise midweek, but failed to arrest the carnage, which assumed panic proportion on Friday, with only IT index ending positive.
“FIIs are continuously on the sale mode, while in the global markets the liquidity is switching to less risky assets such as gold and United States government bonds, ” Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services, said.
The mid-cap and small-cap stocks were broadly outperforming the benchmark indices.
Sentiment was also soured as Chinese markets gave up earlier gains to end 2.4 percent lower, underscoring the fragility of investor sentiment following last week’s rout.
Sector-wise, healthcare, banking and information technology (IT) indices came under selling pressure.
On the other hand, energy index gained by 18.22 points, automobile index rose 17.95 points and utilities index inched-up by 4.57 points.
Foreign portfolio investors (FPIs) were in an exit mode as net sellers to the tune of Rs 1,124 crore, provisional data from the exchanges showed.
Advertisement
Major stock indices in Europe and on Wall Street tumbled more than 2 per cent, while crude prices slid on expectations that Iran will increase oil exports once worldwide sanctions are lifted, possibly within days.
