Markets held on to gains through the afternoon session on Friday, though the recovery lost some of the momentum seen at the open. The Sensex stood at 74,824.46, up 617.22 points or 0.83 per cent, as of 1pm, while the Nifty 50 traded at 23,215.10, gaining 212.95 points or 0.93 per cent. The indices had opened stronger earlier in the day following Thursday’s steep 775-point crash in the Nifty, with mid-session trade reflecting consolidation around current levels.
Market breadth on the BSE remained firmly positive. Of 4,275 stocks advancing against 2,751 declining, with 168 unchanged, the spread indicated broad-based participation in the recovery. However, 199 stocks touched fresh 52-week lows against only 53 hitting 52-week highs, pointing to continued stress in pockets of the market. Circuit activity was almost evenly split, with 123 stocks in the upper circuit and 131 in the lower, reflecting the mixed undercurrent beneath the headline index gains.
The metals sector provided the sharpest lift on the Nifty 50. JSW Steel (JSWSTEEL) led all gainers, surging 3.72 per cent to ₹1,173.00 from a previous close of ₹1,130.90. Tata Steel (TATASTEEL) added 3.34 per cent, rising to ₹196.87 from ₹190.51. Both counters drew support from the retreat in crude oil prices and easing geopolitical risk premium, which typically benefits commodity-linked stocks through improved cost and demand outlook.
Coal India (COALINDIA) was the standout in the energy segment, climbing 3.20 per cent to ₹468.75 from ₹454.20, as the public sector miner benefited from a broader resource rally. In information technology, Tech Mahindra (TECHM) gained 3.04 per cent to ₹1,381.30 from ₹1,340.60. ITC rounded out the top five gainers, rising 2.89 per cent to ₹306.60 from ₹298.00, with the FMCG and cigarettes conglomerate drawing buying interest amid the broader recovery in consumer-facing stocks.
The financial sector, however, remained the notable drag on indices. HDFC Bank (HDFCBANK) extended Thursday’s decline, slipping a further 1.45 per cent to ₹786.65 from a previous close of ₹798.20, making it the worst performer on the Nifty 50 through midday. HDFC Life (HDFCLIFE) fell 1.10 per cent to ₹626.55 from ₹633.50, while Bajaj Finance (BAJFINANCE) was down 0.50 per cent to ₹828.05 from ₹832.20. Heavyweights from the HDFC group thus continued to weigh on Bank Nifty, which remained in underperformance mode relative to the broader index.
Non-ferrous metals also stayed in the red. Hindalco (HINDALCO) declined 0.94 per cent to ₹888.65 from a previous close of ₹897.05. In the defence space, Bharat Electronics Limited (BEL) traded marginally lower by 0.20 per cent at ₹429.95 against its previous close of ₹430.80.
With approximately two and a half hours of trade remaining before the 15:30 IST close, the direction of HDFC Bank and broader financial stocks, along with any fresh cues on crude oil and geopolitical developments, are likely to determine whether current index levels hold through the remainder of the session.