Markets settle with modest gains in choppy trade

From the 30-share Sensex pack, Sun Pharma, Dr Reddy’s, PowerGrid, ITC and Titan were among the lead gainers

Rising for the fourth straight day, benchmark indices Sensex and Nifty settled marginally higher after a choppy session on Friday, tracking mixed global trends amid uncertainties on the geopolitical front.

The BSE Sensex opened weak and declined 414.44 points to 55,049.95 in opening deals. But within minutes, it pared all its losses and jumped 369.56 points to 55,833.95.

Facing volatility, the index finally settled at 55,550.30, higher by 85.91 points or 0.15%.

Similarly, the broader NSE Nifty gained 35.55 points or 0.21% to close at 16,630.45.

"The Indian equity markets, in line with the global markets, continue to display a very high level of volatility, reacting to the bouts of incremental news flow on the geopolitical front," according to Milind Muchhala, Executive Director, Julius Baer.

While the markets were preparing for the known unknowns of Fed action, state elections and the big-ticket LIC IPO, the Russia-Ukraine turmoil clearly emerged as a tail risk, adding to the uncertainty for both the short-term and the medium-term, he added.