Nifty, Sensex rise as banks, techs regain in choppy session

Indian shares rose in a choppy trading session on Friday as banks and tech stocks recovered from a sell-off in the previous session, but gains were capped by weak sentiment in global markets due to rising COVID-19 cases in Europe and the United States.

The NSE Nifty 50 index .NSEI was up 0.67% at 11,758.20 by 0534 GMT, while the S&P BSE Sensex .BSESN was up 0.64% at 39,983.94.

“It has been a market where any fall has been bought into strongly and the bounce has been even stronger… valuations could remain elevated as market is expecting earnings to catch up,” said Siddhartha Khemka, head of retail research at Motilal Oswal.

Before the slide on Thursday, banks and IT stocks had fuelled gains in equities for 10 straight sessions.

The Nifty Bank .NSEBANK index, which ended 3.4% lower in the previous session, rose 1% on Friday morning, led by a 1.1% rise in HDFC Bank HDBK.NS and 1.4% gain in IndusInd Bank INBK.NS.

The Nifty IT index .NIFTYIT, up 8.6% so far this month gained as much as 1.6% in early trading and is now 0.4% up.

The Nifty Energy index .NIFTYENR was up 0.6%, with state-run refiner Bharat Petroleum Corporation BPCL.NS adding 2.7% to be the top gainer on the Nifty 50.

Shares of Tata Group firms Titan Company TITN.NS, Tata Steel TISC.NS and Tata Consultancy Services TCS.NS rose between 0.7% and 2.1%.

The conglomerate had on Thursday said it had not received any formal proposal from the Shapoorji Pallonji Group to separate its interests.

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