Stock Market Update: Sensex, Nifty Falter; Decline In Axis Bank Shares

Mumbai: Equity benchmark indices Sensex and Nifty rebounded in early trade on Friday amid continuous foreign fund inflows and a rally in global markets, but failed to carry forward the winning momentum and were later trading lower dragged lower by Axis Bank.

In early trading, the 30-share BSE Sensex surged 329.23 points to 80,130.66, while the NSE Nifty climbed 118.75 points to 24,365.45. Sensex slipped by 174.24 points to 79,627.19 and Nifty dropped 94.35 points to 24,152.35.

Axis Bank, the country’s third-largest private sector lender fell 3.50% after reporting a marginal dip in its March quarter profit to ₹7,117 crore, compared to ₹7,130 crore in the same period last year. Other underperformers included Adani Ports, Bajaj Finance, Bajaj Finserv, Tata Motors, Tech Mahindra, and Eternal.

Despite the downturn, several blue-chip stocks bucked the trend. Tata Consultancy Services, Infosys, Reliance Industries, HCL Tech, HDFC Bank, and ICICI Bank emerged as the top gainers.

In Asia, South Korea’s Kospi, Tokyo’s Nikkei 225, Shanghai SSE Composite, and Hong Kong’s Hang Seng all traded in positive territory. The US markets also posted strong gains on Thursday, with the Nasdaq Composite soaring 2.74%, the S&P 500 rising 2.03%, and the Dow Jones Industrial Average advancing 1.23%. Foreign Institutional Investors (FIIs) purchased stocks worth ₹8,250.53 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude edged up 0.53% to $66.90 . On Thursday, Sensex declined by 315.06 points (0.39%) to 79,801.43 and Nifty fell 82.25 points (0.34%) to 24,246.70.

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