The Indian equity benchmark indices pared gains soon after opening higher on Friday.
The Indian equity benchmark indices pared gains soon after opening higher on Friday, dragged by selling in financials, metals and auto stocks amid a mixed trend in Asian peers.
At 9:20 am, the Sensex was trading 104.74 points or 0.28 percent lower at 37,631.33. The index opened at 37,847.88. The Nifty traded at 11,058.85, down 43.30 points or 0.39 percent as against the opening at 11,139.50 level. However, the market recovered soon with both Nifty and Sensex trading in the green at 9:49 am.
Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices were trading lower by 0.31 percent and 0.27 percent, respectively.
Among sectoral indices, the Nifty Private Bank and Nifty Financial Services fell the most with over 1.1 percent loss each followed by Nifty Auto, Nifty Media and Nifty Metal. Nifty IT, Nifty Pharma and Nifty FMCG were trading in the green.
HDFC, Kotak Mahindra Bank, HDFC Bank, HDFC Life Insurance Company and Bajaj Finance led the decline among Nifty50 constituents while HCL Technologies, Infosys, TCS, Adani Ports & SEZ and BPCL were the top index gainers.
Reliance Industries fell 1 percent after opening higher after the company reported its Q1 earnings. The company's consolidated net profit in Q1FY21 increased 30.6 percent to Rs 13,248 crore from Rs 10,104 crore while revenue fell to Rs 91,238 crore from Rs 1,62,353 crore, YoY. Jio clocked a 182 percent YoY growth in its net profit to Rs 2,520 crore while ARPU came in at Rs 140.
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