Sensex, Nifty slipped into negative territory; European shares bounce back
The domestic equity barometers slipped below the flat line and traded in the red zone in afternoon trade, supported by value buying after the sharp decline in the previous session. Easing crude oil prices and a decline in market volatility also supported sentiment. The Nifty traded below the 23,050 mark.
At 13:15 IST, the barometer index, the S&P BSE Sensex was down 10.01 points or 0.01% to 73,570.53. The Nifty 50 index fell 30.20 points or 0.13% to 23,032.90.
In the broader market, the BSE 150 MidCap Index declined 0.70% and the BSE 250 SmallCap Index dropped 0.52%.
The market breadth was negative. On the BSE, 1,755 shares rose and 2,436 shares fell. A total of 236 shares were unchanged.
Gainers & Losers:
Axis Bank (up 2.11%), Asian Paints (up 1.42%), HCL Tech (up 1.25%), Mahindra & Mahindra (up 1.08%) and HDFC Life (up 0.71%) were the top gainers.
Max Health (down 2.75%), Tata Motors Passenger Vehicle (down 1.98%), Infosys (down 1.68%), ONGC (down 1.51%) and Trent (down 1.45%) were the top losers.
Stocks in Spotlight:
Vascon Engineers added 3.18%. The company announced that it has received work order amounting to Rs 660.79 crore from multinational IT company Qualcomm India.
Steamhouse India fell 3.34%. The company said that it has been awarded an EPC contract for common steam plant and co-generation power plant at Bulk Drug Park, Una, Himachal Pradesh. The total value of this contract is Rs 311 crore.
Usha Martin (UML) slipped 2.20%. The company said that its board has approved a proposal for the slump sale of the business undertaking of U M Cables, wholly owned subsidiary, to R R Kabel for a total consideration of Rs 77 crore.
Global Markets:
European equities snapped back on Friday, recovering from a near one-week low in the prior session, as recent decline in crude oil prices offered relief to energy-intensive sectors and rate-sensitive growth stocks.
Meanwhile, most Asian stocks traded lower on Friday, tracking a mixed close on Wall Street as a sharp rise in US Treasury yields kept investors cautious. Markets in China and South Korea were closed for a holiday.
US stocks ended mixed on Thursday. The Dow Jones Industrial Average fell for a third straight session as Treasury yields rose. The Dow declined 161.61 points, or 0.31%, to 51,349.98, while the S&P 500 eased 0.02% to 7,704.13. The Nasdaq Composite rose 0.01% to 26,939.37.
US Treasury yields climbed to multi-year highs amid concerns that elevated energy prices could keep inflation under pressure. The 30-year Treasury yield touched 5.501%, its highest since June 2004, while the 10-year yield rose to 5.223%, its highest since June 2007.
Crude oil prices eased on Friday after rising sharply in the previous session. Brent crude futures fell 0.54% to $106.02 a barrel after gaining about 3% on Thursday. The previous session's rise followed concerns over potential supply disruptions after a Houthi missile attack on Saudi Arabia.
Investors also monitored developments from the meeting between US President Donald Trump and Chinese President Xi Jinping in Washington. The leaders discussed trade and artificial intelligence, while the US and China agreed to extend their trade truce by two months. A White House state dinner was also held for Xi on Thursday.
Among individual stocks, Meta Platforms gained about 4.5% after unveiling new AI-powered devices and expanding features linked to its Muse AI agent. Oracle fell about 4.5% after reports that it had issued a force majeure notice related to its New Mexico data centre project.
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