Sensex, Nifty pare all gains; breadth turns negative

Equity indices saw a bout of volatility, pared all gains and hit the day`s low in mid afternoon trade. The Nifty gave up 17,300 mark and traded near the 17,200 level. Media and consumer & durable stocks fell while pharmaceutical saw some buying.

At 14:27 IST, S&P BSE Sensex was down 6.96 points at 57,522.02. The Nifty 50 index fell 38.5 points or 0.22% to 17,206.95.

In the broader market, the S&P BSE Mid-Cap index fell 0.16% while the S&P BSE Small-Cap index lost 0.14%.

The market breadth turned negative. On the BSE, 1,486 shares rose while 1,839 shares fell. A total of 133 shares were unchanged.

COVID-19 Update:

The active cases comprised 0.04% of the total infections, while the national COVID-19 recovery rate was recorded at 98.74%, according to the Union Health Ministry data.

India logged 3,377 new COVID-19 cases taking the country`s total tally of cases to 4,30,72,176, while the active cases rose to 17,801, as per the data updated on Friday. The death toll climbed to 5,23,753 with 60 fresh fatalities.

Buzzing Index:

The Nifty Financial Services index gained 0.22% to 16,749.15, rising for second trading session. The financial index has gained 1.16% in two days.

Shriram Transport Finance Company (up 6.67%), HDFC Life Insurance Company (up 3.09%), Piramal Enterprises (up 2.54%), Kotak Mahindra Bank (up 2.18%) and HDFC Bank (up 1.72%) were the top gainers. Among the other gainers were Housing Development Finance Corporation (up 1.54%), ICICI Bank (up 0.96%) and Bajaj Finserv (up 0.92%).

Numbers to watch:

The yield on the 10-year benchmark federal paper fell to 7.141% from its previous close of 7.155%.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.335, compared with its close of 76.61 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement rose 0.82% to Rs 51,681.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, declined 0.64% to 102.95.

In the commodities market, Brent crude for June 2022 settlement advanced $1.50 or 1.39% at $109.09 a barrel.

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