Volatile markets pare losses, Sensex trades in green

Value buying pushed the Indian equity market higher during afternoon trade session on Friday.

Accordingly, the key indices pared their initial losses.

The 30-scrip S&P BSE Sensitive Index (Sensex) around 12.40 p.m. traded at 49,305.46, up by 88.94 points, or 0.18 per cent, from its previous close.

Similarly, the broader 50-scrip Nifty at the National Stock Exchange (NSE) traded in the green.

It traded at 14,579, up by 21.15 points, or 0.15 per cent from its previous close.

Earlier in the day's trade, factors such as resurgence of Covid-19 infections along with rising global inflation had subdued both the indices.

Consequently, both the indices -- Sensex and Nifty50 -- had a gap down opening.

On global levels, Asian markets retreated as US Bond yields soared indicating an upcoming inflationary pressure.

The US Treasury yields had hit a 14-month peak on Thursday.

In terms of the domestic market, indices have been in a correction phase on the back of various QIPs as well as IPOs taking away liquidity from the system.

"The market is still set to trade in range as the confusions regarding the pandemic stalls the recovery according to expectations. In the long run only the success of the corona vaccine would determine the future for the market," said Gaurav Garg of CapitalVia Global Research.

"Power Grid and NTPC are the top gainers in the market while Bajaj Finance and Tata Motors are the top losers."