Buying in banks, Reliace pushes Sensex marginally up

 Benchmark Sensex rebounded by 167 points in a volatile trade on Friday amid buying in ICICI Bank, State Bank of India and Reliance Industries.

The 30-share BSE Sensex climbed 167.06 points or 0.23 per cent to settle at 71,595.49. During the day, it hit a high of 71,676.49 and a low of 71,200.31.

The Nifty rose by 64.55 points or 0.30 per cent to 21,782.50.

Among the Sensex firms, State Bank of India, Sun Pharma, ICICI Bank, Axis Bank, Titan, Bajaj Finance, Nestle, Asian Paints, Kotak Mahindra Bank, Reliance Industries, IndusInd Bank and Wipro were the major gainers.

Mahindra & Mahindra, Bharti Airtel, NTPC, Tata Steel, Infosys, JSW Steel, Power Grid and Tata Motors were among the laggards.

"After a volatile session, the market ended on a positive note, aided by a rebound in banking stocks after yesterday’s sell-off. Mid and smallcap indices bled the most as the sentiment on the broader indices remains vigilant due to their rich valuation," said Vinod Nair, Head of Research, Geojit Financial Services.

In Asian markets, Tokyo and Shanghai settled in the positive territory while Hong Kong ended lower.

European markets were trading on a mixed note. The US markets ended in the green on Thursday.

Foreign institutional investors (FIIs) offloaded equities worth Rs 4,933.78 crore on Thursday, according to exchange data.

The BSE benchmark fell by 723.57 points or 1 per cent to settle at 71,428.43 on Thursday amid uncertainty about the timing of interest rate reduction after the Reserve Bank of India's monetary policy decision. The Nifty declined by 212.55 points or 0.97 per cent to 21,717.95.

Global oil benchmark Brent crude climbed 0.04 per cent to  $81.66 a barrel.

Foreign Institutional Investors (FIIs) were net sellers  on Thursday as they offloaded shares worth Rs 4,933.78 crore, according to exchange data.

Rupee loses 7 paise at 83.03

The rupee depreciated by 7 paise at 83.03 (provisional) against the US dollar on Friday, tracking a strong American currency and elevated crude oil prices in the international market.

Forex traders said the Indian rupee depreciated as foreign fund outflows weighed on the rupee. However, positive domestic markets cushioned the downside.

At the interbank foreign exchange market, the local unit opened at 82.96 and finally settled at 83.03 (provisional) against the dollar, down by 7 paise from its previous close.

On Thursday, the rupee settled on a flat note at 82.96 against the US dollar, after the Reserve Bank decided to keep the key policy rate unchanged for the sixth time in a row to maintain a tight vigil on inflation.

"We expect the rupee to trade with a slight negative bias on underlying strength in the US dollar and concerns over rising crude oil prices amid escalating geopolitical tensions in the Middle East," said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas.

Choudhary further added that a positive tone in domestic markets and mixed to positive global equities may support rupee at lower levels. There are no major economic data over the next couple of days, which may lead to low volatility.

"Investors may now wait for US inflation data on Tuesday. USD-INR spot price is expected to trade in a range of Rs 82.80 to Rs 83.30," he said.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.01 per cent down at 104.15.

Brent crude futures, the global oil benchmark, climbed 0.04 per cent to $81.66 a barrel..

Brent crude gains 

 Crude oil futures on Tuesday declined 0.18 per cent to Rs 6,070 per barrel as participants trimmed their positions on low demand.

On the Multi Commodity Exchange, crude oil for February delivery fell Rs 11 or 0.18 per cent to Rs 6,070 per barrel with a business volume of 12,914 lots.

Globally, West Texas Intermediate crude oil traded 0.44 per cent higher at  $73.10 per barrel, while Brent crude climbed 0.04 per cent to $81.66 a barrel.