The Indian benchmark indices ended higher on Thursday as the Sensex ends over 73,316 rising mre than 180 points and the Nifty tested 22,700 rising over 20 points at 3:30 PM.
The 30-share BSE Sensex, HCLTech, TechMahindra, Infosys, TCS and HDFC Bank. Meanwhile, the laggards included stocks like Tata Steel, Bajaj Finance, Adani Ports, Ultra Cement and Mahindra and Mahindra.
Benchmark indices witnessed sharp volatility in early trade before staging a recovery. The 30-share BSE Sensex fell 1,588.51 points to an intraday low of 71,545.81, but later erased losses to trade at 73,255.52, up 121.2 points or 0.16 per cent.
Similarly, the 50-share NSE Nifty dropped 496.85 points, or 2.19 per cent, to hit an intraday low of 22,182.55. It later rebounded to 22,706.65, up 27.25 points or 0.12 per cent.
IT Stocks Lead Recovery
The rebound was driven by strong buying in IT stocks. HCL Technologies, Tech Mahindra, Tata Consultancy Services and Infosys rose up to 3 per cent.
Other gainers included Maruti Suzuki India, Trent, Bharat Electronics Ltd, Bajaj Finance, HDFC Bank and ITC.
Key Laggards
On the other hand, Eternal, Asian Paints, Sun Pharmaceuticals, NTPC, PowerGrid, State Bank of India, Reliance Industries, IndiGo, UltraTech Cement and Adani Ports were among the laggards in the Sensex pack.
Sectoral Trends
Among sectoral indices, Focused IT and Information Technology were the only gainers, rising up to 2 per cent.
Global Markets Weak
Asian markets ended mostly lower, with South Korea’s Kospi down 4.47 per cent, Japan’s Nikkei 225 falling 2.40 per cent, Shanghai’s SSE Composite declining 0.74 per cent and Hong Kong’s Hang Seng losing 0.70 per cent.
European markets were also trading lower. Germany’s DAX declined 1.32 per cent and Paris’ CAC 40 fell 0.80 per cent, while London’s FTSE 100 remained flat. In contrast, US markets ended significantly higher on Wednesday.
Oil Prices And Institutional Flows
Brent crude rose 7.18 per cent to USD 108.42 per barrel.
Foreign Institutional Investors (FIIs) sold equities worth Rs 8,331.15 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 7,171.80 crore.
Previous Session
On Wednesday, the Sensex had surged 1,186.77 points to close at 73,134.32, while the Nifty gained 348 points to settle at 22,679.40.
