Sensex, Nifty Recover After CAS Chaos; Broader Markets Rally
Indian benchmark indices staged a sharp intraday recovery on Friday after a brief but severe plunge during the closing auction.
The S&P BSE Sensex lost 20 points, or 0.03%, to close at 74,295. The Nifty 50 gained 76 points, or 0.33%, ending the session at 23,346. The session was marked by extreme volatility during the closing auction system (CAS), which began at 3:20 pm.
Indicative prices for both benchmarks tumbled sharply just after the auction started. The Sensex plunged nearly 1,000 points within seconds before making a sharp recovery. The Nifty 50 managed to recover all its losses during the CAS period, but the Sensex ended with marginal losses despite its rebound.
Broader Markets Outperform
Broader market indices sharply outperformed the main benchmarks. The Nifty Smallcap 100 and Nifty Midcap 100 indices rose up to 1.7%. Analysts attributed the market's overall recovery to improved risk appetite.
Vinod Nair, Head of Research at Geojit Investments, said the moderation in crude oil prices and global yields helped sentiment. "Indian equities extended their recovery as moderation in crude and global yields improved risk appetite, despite concerns around the continued geopolitical uncertainty," Nair stated. He added that positive global cues following anticipated central bank actions provided further support.
The rebound was broad-based across sectors, although IT stocks declined. Nair cited profit-booking and concerns that prolonged higher interest rates could weigh on global technology spending.
Global Market Check
US equity markets ended mixed on Friday. Investors weighed easing crude prices against the US 10-year Treasury yield hovering around 5%. The S&P 500 gained 0.17%, and the Nasdaq Composite advanced 0.39% on strength in technology stocks. The Dow Jones Industrial Average slipped 0.18% as elevated bond yields kept sentiment cautious.
European markets closed sharply lower amid concerns over high interest rates and geopolitical uncertainty. Germany's DAX fell 1.60% to 25,304.06. France's CAC 40 declined 1.49% to 8,065.02. Britain's FTSE 100 also ended lower.
Most Active Stocks
The most active stocks on the National Stock Exchange (NSE) for turnover and trading volume highlight where capital was concentrated on Friday.
| Metric | Stock 1 | Stock 2 | Stock 3 | Stock 4 | Stock 5 | Stock 6 | Stock 7 |
|---|---|---|---|---|---|---|---|
| Highest Turnover (Value) | HDFC Bank (Rs 2,868 cr) | Bharti Airtel (Rs 2,655 cr) | Adani Gas (Rs 2,565 cr) | Infosys (Rs 2,319 cr) | RIL (Rs 1,867 cr) | Lenskart Solutions (Rs 1,810 cr) | Syrma SGS (Rs 1,806 cr) |
| Highest Volume (Shares Traded) | Vodafone Idea (35 cr) | Meesho (8.34 cr) | Yes Bank (7.36 cr) | Groww (7.3 cr) | Pine Labs (6.68 cr) | Suzlon Energy (6.35 cr) | IFCI (6.05 cr) |
Stock-Specific Action
Several stocks showed strong buying interest, according to the source report. These included Adani Gas, Poonawalla Fincorp, Welspun Corp, Bombay Burmah, Supreme Petro, Supreme Industries, and Jyoti CNC Automation.
A number of stocks hit their 52-week highs on the NSE. The list included Jyoti CNC Automation, Syrma SGS Technology, JSW Infrastructure, Apar Industries, ACME Solar Holdings, Emcure Pharmaceuticals, and PVR Inox.
Conversely, stocks witnessing significant selling pressure were Tata Chemicals, Go Digit General Insurance, KPIT Tech, Tata Technologies, New India Assurance, Zydus Wellness, and TCS. Some stocks also hit 52-week lows, including Go Digit General Insurance, KPIT Tech, Tata Elxsi, Gillette India, Syngene International, Bayer Cropsciences, and Voltas.
Overall market sentiment favoured the bulls. Out of 3,653 stocks that traded on the NSE, advances outnumbered declines: 2,387 stocks rose, 1,154 fell, and 112 remained unchanged.
