MARKETS: Sensex, Nifty trade volatile; broader indices underperform

Stock market LIVE updates: The Indian benchmark indices were trading higher, but off the record levels it conquered earlier in Friday's session. Meanwhile, the Reserve Bank of India kept the repo rate unchanged at 4 per cent while the stance remained 'accomodative'. Besides, the RBI projected GDP growth of 10.5 per cent in FY22 for India while projection for CPI-based inflation was revised to 5.2 per cent for Q4FY21.

The S&P BSE Sensex was trading 150 points up near 50,770 levels, having earlier conquered the 51,000 level for the first time ever. The broader Nifty50 index had also topped the 15,000-mark in intra-day deals, but climbed off the highs to trade around 14,920.

Among individual stocks, State Bank of India rallied as much as 15 per cent in intra-day deals after posting strong numbers for Q3FY21. Besides, Kotak Mahindra Bank (up 4%), Dr Reddy's (up 3%), and ITC (up 2%) were the other top gainers.

The Nifty sectoral indices were mixed, with the Nifty PSU Bank index, up 5 per cent, leading the list of gainers. Nifty Bank scaled its fresh record high earlier in the session, and was trading with over 1 per cent gain.

Meanwhile, the broader markets underperformed their benchmark peers. The S&P BSE MidCap index slipped into the red while the SmallCap index was flat