SENSEX, NIFTY50 edge higher; Mahindra & Mahindra, RIL gain, HDFC Bank, Infosys decline

The Indian equity benchmarks were trading in a narrow range on Friday, November 28, as gains in Reliance Industries, Mahindra & Mahindra, ICICI Bank, Hindustan Unilever, State Bank of India and Titan were offset with losses in HDFC Bank, Axis Bank, Infosys, Kotak Mahindra Bank and Power Grid.

The SENSEX traded in a range of 255 points and NIFTY50 index touched an intraday high of 26,254 and a low of 26,172.

As of 9:31 am, the SENSEX was up 103 points at 85,823 and NIFTY50 index advanced 23 points to 26,238.

Asian stocks traded lower on Friday as rally in technology shares lost momentum while Chinese markets were pressured by renewed concerns over a property market meltdown in the country.

Japan's Nikkei dropped 0.07%, South Korea's KOSPI fell 1.28% and Hong Kong's Hang Seng declined 0.15%.

Back home nine of 15 major sector gauges compiled by the National Stock Exchange were trading lower led by the NIFTY Media index's 0.5% fall. NIFTY Bank, IT, Financial Services, PSU Bank, Private Bank, Realty, Consumer Durables and Oil & Gas indices were also trading with a negative bias.

On the flipside, auto, FMCG, metal, pharma and healthcare shares were witnessing a mild buying interest.

Mahindra & Mahindra was top gainer in the NIFTY50 basket of shares, the stock rose 1.54% to ₹3,738. Adani Enterprises, Reliance Industries, Hindustan Unilever, Titan, Wipro, Hindalco, Larsen & Toubro, Max Healthcare and HCL Technologies also rose between 0.4%-1%.

On the flipside, HDFC Life, Bajaj Auto, Asian Paints, Axis Bank, InterGlobe Aviation, Power Grid, Grasim and SBI Life were top losers in the NIFTY50 index.

The overall market breadth was neutral as 1,671 shares were advancing while 1,526 were declining on the BSE.