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Indian equity markets ended on a positive note amid volatility on Thursday. Barring IT and energy space, all other sectors traded in the negative territory out of which banks, auto, realty and pharma counters witnessed profit booking.
Equity markets opened in green on the back of positive global cues. Selling pressure at higher levels capped the upside on the higher side with the index managing to close in marginal green. Market breadth turned negative in favour of the declining counters indicating weakness in selective sectors.
At the close, the benchmark 30-share index, BSE Sensex gained 113.11 points or 0.20% at 57,901.14. Meanwhile, the broad based NSE Nifty traded higher by 27 points or 0.16% at 17,248.40.
Biggest gainers in the 30-share index were Bajaj Finance (2.61%), Infosys (2.19%), Titan (1.47%), Reliance Industries (1.35%), HCL Technologies (1.11%), Mahindra & Mahindra (0.88%) and Nestle India (0.70%).
On the other hand, Maruti Suzuki (1.51%), ICICI Bank (1.50%), Bajaj Auto (1.44%), Sun Pharma (1.43%), IndusInd Bank (0.94%), State Bank of India (0.76%) and HDFC (0.74%) were the major losers in the Sensex. Market breadth was negative with 1,496 advances against 1,858 declines.
Global cues turned positive despite hawkish statement from US Fed as investors turned optimistic that Fed policy tightening will help fight inflation without derailing economic growth. Investors shrugged off the risk of new Covid-19 restrictions, focusing instead on the prospect of more reassurances from central banks. ECB in its policy meet today is also poised to unveil a gradual withdrawal from stimulus in the face of high inflation.
'Overall market remains in a tight range with bearish undertone as selling pressure is intact at higher levels. Though the global cues have turned positive post the big event of Fed policy, continued FII selling, absence of any positive trigger and strong action in primary market is likely to continue putting pressure on the secondary market. Thus, traders are advised to maintain a sell on bounce strategy for next few days until there is clarity on the domestic side,' said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
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