Domestic stock markets swung between gains in losses on Friday morning amid weakness in Asian peers.
The S-P BSE Sensex index recovered early losses to rebound as much as 292.58 points from an intraday low of 38,814.79 to top the 39,100 mark on the upside, before reversing direction as volatility set in.
All but consumer goods shares remained in the positive zone as a selloff in banking, auto and metal stocks deepened.
Analysts say some consolidation can be expected in the near term after the recent rally.
Here are 10 things to know:At 10:29 am, the Sensex traded 92.27 points - or 0.24 per cent - lower at 38,897.47 while the broader Nifty was at 11,539.10, down 32.10 points - or 0.28 per cent - from its previous close.Top percentage laggards on the 50-scrip index at the time were Zee Entertainment, Tata Motors, Vedanta, ONGC and Tata Steel, trading between 2.86 per cent and 4.95 per cent lower.On the other hand, top gainers were ITC, Bajaj Finance, Yes Bank, Indian Oil and Cipla, up between 1.23 per cent and 1.94 per cent.ICICI Bank, Larsen - Toubro, TCS and IndusInd Bank were the top drags on Sensex, wiping out nearly 100 points off the index.Market breadth favoured losses, with 856 stocks on the BSE trading higher and 923 moving lower.
On the NSE, 740 stocks advanced while 892 declined.Auto stocks fell, with the Nifty Auto sectoral index dropping as much as 1.41 per cent.
Prominent laggards included Tata Motors, Ashok Leyland and M-M, shedding as much as 4.78 per cent, 2.93 per cent and 2.08 per cent respectively.
The Nifty Metal index fell 1.98 per cent in intraday trade.Analysts say high volatility cannot be ruled out in the coming sessions."The rally gave a lot of ammunition to mutual funds, which may be looking to rejig their portfolios Despite the restructuring that is happening, stock-specific movement is still continuing," said AK Prabhakar, head of research at IDBI Capital.The government assured on Thursday that there are no liquidity-related problems being faced by private sector banks and non-banking financial companies (NBFCs).
"Sum and substance of what I heard was that there is no liquidity crisis," Finance Minister Nirmala Sitharaman said after a meeting with representatives of private sector banks and other financial institutions.Her meeting with the banking industry comes within a month of the government announcing a slew of measures to revive the economy, which is struggling against a six-year low growth rate and lakhs of job losses.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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