NIFTY and SENSEX recovers from day’s low, Nifty Bank declines 500 points as HDFC Bank drag

In the afternoon session on Friday, both NIFTY and SENSEX staged a strong comeback, recovering significantly from their intraday lows. The NIFTY50 index saw a substantial rebound of over 100 points from its intraday low of 24,168.85. It is currently trading at 24,777, down by just 0.10%. This recovery was bolstered by strong performances from index heavyweight Reliance Industries, along with substantial contributions from LT and ONGC.

Similarly, the SENSEX, though down by 0.26%, exhibited a recovery, trading below the 80,000 level after paring its early losses. Meanwhile, the Nifty Bank also managed to recover from its day's low, but it’s still down by 500 points owing to a drastic fall in heavyweight HDFC Bank.

In the afternoon session, the broader market outperformed the frontline gauge. The Nifty Midcap 100 index is trading up by 0.52%, while Smallcap 100 index rose by 0.90%. This outperformance led to strong market breadth.

The top gainers in the NIFTY50 Index were ONGC (+4.17%), Divis Lab (+2.40%), Cipla (+2.03%), LT (+1.59%) and Hindustan Unilever (+1.30%). Conversely, the major losers included HDFC Bank (-4.29%), Titan (-1.96%), IndusInd Bank (-0.76%), M&M (-0.66%) and UltraTech (-0.57%).

Sector-wise most indices were trading in the green on Friday. Notably, Nifty Pharma (+1.43%) and Nifty Oil & Gas (+1.39%), Nifty Healthcare (+1.28%), all three indices were trading with gains of over 1%. The major losers were Nifty Financial Services (-1.14%) and Nifty Private Bank (-1.02%).