The benchmark Sensex saw a wild swing of over 2,100 pts on Friday as the 30-stock index saw high volatility in the last trading session of this week. Sensex fell over 1200 pts to a low of 80,082 in early deals. However, in the afternoon session, the index reversed course and zoomed 2,131 pts from the day's low to an intra day high of 82,213.92. Later, Sensex ended 843 pts higher at 82,133 against the previous close of 81,290.
The 50-stock Nifty too witnessed high volatility with the index rising 612 pts from the intraday low of 24,180 to a high of 24,792 in today' session. Later, Nifty ended 219 pts higher at 24,768.
Investor wealth rose by Rs 1,27 lakh crore to Rs 459.42 lakh crore today compared with a valuation of Rs 458.15 lakh crore recorded in the previous session.
Stocks such as Airtel, ITC, Kotak Bank, HUL, Ultratech Cement, Titan, HCL Tech, PowerGrid, Nestle India and Adani Ports were the top gainers on Sensex, rising up to 4.39% on Friday. Tata Steel, IndusInd Bank, JSW Steel and Bajaj Finserv were the only Sensex losers, falling up to 1.26%.
Prashanth Tapse, Senior VP (Research), Mehta Equities said, "Markets quickly bounced back from its weak opening and surged ahead in intra-day trades as moderating inflation and uptick in IIP growth numbers enthused investors to resort to value buying in banking, IT and telecom stocks."
On the outlook of Nifty, Devarsh Vakil - Deputy Head Retail Research, HDFC Securities said, "Short term trend is bullish as it is placed above its 5, 10 and 20 days EMAs. Nifty seems to have got back its bullish momentum and is likely to head towards the next target of 25,000. Support for the index is seen at 24500."
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The swing low of Friday seems to have confirmed the formation of new higher bottom of bullish chart pattern like higher tops and bottoms. Friday's market action has not only showed a false downside breakout of the recent range movement, but also placed at the verge of witnessing a decisive upside breakout in the short term. The market action of Friday is signaling a strong comeback of bulls after a choppy movement and we expect more upside in the near term. The next upside targets to be watched around 25200 levels by next week. Immediate support is placed at 24650."
Meanwhile, as many as 227 stocks hit their 52-week highs today. On the other hand, 35 shares fell to their 52-week lows. However, market breadth was negative. Out of 4105 stocks traded, 1818 stocks closed in the green on BSE. Around 2,173 stocks ended in the red while 114 stocks remained unchanged.
Around 239 stocks hit their lower circuits. On the other hand, 339 shares hit their upper circuit limits, amid positive sentiment in the equity market.
BSE midcap index fell 39.26 pts to 47,776 and BSE small cap stock index slipped 167.68 pts to 56,957 level.
Meanwhile, foreign institutional investors sold Rs 3,560 crore worth of equities on a net basis on Thursday, while domestic investors bought Rs 2646.65 crore of shares, as per provisional NSE data.
Previous session
Sensex and Nifty ended on a negative note on Thursday. Sensex slipped 236 points, or 0.29% lower at 81,289 and Nifty50 declined 93 points, or 0.38%, to end at 24,548.70.