Mumbai: The benchmark Sensex on Monday recorded its first drop in three sessions after fluctuations for better part of the session, falling over 49 points as caution prevailed ahead of derivatives expiry during a holiday-shortened week. Furthermore, a weak closing in Asia, subdued commodity prices on the back of a rising dollar and concerns over Chinese demand and a lower opening in European markets kept investors on edge.

After three consecutive weeks of downfall and a loss of nearly 7 per cent in this period, the domestic benchmark indices witnessed some buying at lower levels that helped BSE Sensex and NSE Nifty clock a gain of over 1 per cent during the week ended November 20. According to market experts, value buying at lower levels and upbeat global cues supported the market sentiment this week.

The BSE Sensex and NSE Nifty advanced 257.96 points and 94.30 points to 25,868.49 and 7,856.55, respectively, for the week ended November 20.

Benchmark indices continued to trade firm in noon deals on Friday with IT majors Infosys, TCS and Wipro leading the gains.

At 12:25 pm, the Sensex is up 157 points at 25,999 and the Nifty has gained 46 points to trade at 7,889. Broader markets are trading in line with the benchmark indices- BSE Midcap and Smallcap indices are up almost 1%.

After a lower opening, markets have gained momentum led by buying in the technology stocks as rekindled hopes of an interest rate hike by the US Federal Reserve in the month of December is likely to result in strengthening of dollar.

From the IT space, Infosys, TCS, Wipro, Mindtree, Intellect Design Arena and Mastek have gained between 2-12%.

The Indian equity markets are still soaring high, after a gap-up opening, mainly on the back of short-covering and strength witnessed in global peers. The broad based rally across the banking and auto shares lifted the sentiment.

Overnight, the Wall Street jumped euphorically post the released of US Federal Reserve’s meeting minutes that hinted at raising the interest rates in December as it feels confident about the health of the world’s largest economy.

Markets have made a smart recovery from day’s low and are trading firm after the announcement of WPI numbers for the month of October which came in at -3.8%.

Further, buying demand among banks and capital goods has also helped the indices to maintain the trend.

The benchmark BSE Sensex fell by over 228 points and the NSE Nifty dipped below the crucial 7,800 mark in early trade on Friday as investors offloaded their positions on disappointing macro data and weak trend in Asian markets.

At 1015 hours was trading down 226.47 points, or 0.88% at 25,640.48.

Indian equity, forex, money and commodity markets will remain closed today on account of Diwali Balipratipada.

On Wednesday, special ‘Muhurat’ trading session was held for an hour to mark the beginning of Samvat 2072, the Hindu New Year.

Adani Ports & Special Economic Zone (SEZ), Bharat Heavy Electricals Limited (BHEL), Idea Cellular and Sun Pharmaceutical Industries from the Nifty 50 companies have hit their respective 52-week lows on the National Stock Exchange (NSE).

Adani Ports has dipped 5% to Rs 262, its 52-week low on the NSE. The stock slipped 8% in two trading days from Rs 285 after the company through its subsidiary Adani Kattupalli Port, has entered into an in principle agreement for the strategic acquisition of the Kattupalli Port in Tamil Nadu from L&T Shipbuilding.

The benchmark BSE Sensex and NSE Nifty pared some of the day’s losses and closed in red for the third consecutive trading session on Monday. The sell-off was triggered by the setback suffered by the BJP-led NDA in Bihar assembly elections. Sensex closed 143.84 points down at 26,121, while Nifty closed 39.10 points down at 7,915.20.

Sensex opened the day at 25,809 and touched a high and low of 26,193.17 and 25,656.90, respectively, in trade on Monday. Similarly, Nifty opened at 7,788.25 and touched a high and low of 7,937.75 and 7,771.70, respectively in trade.

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