Key indices edge up on fag-end buying

Mumbai: Equity benchmark indices bounced back from intra-day lows to settle in the positive territory on Thursday helped by fag-end buying. In a volatile trade amid the monthly derivatives expiry, the 30-share BSE Sensex climbed 98.84 points or 0.16 per cent to settle at 61,872.62. During the day, it hit a high of 61,934.01 and a low of 61,484.66. The NSE Nifty gained 35.75 points or 0.20 per cent to end at 18,321.15 after beginning the trade on a weak note.

“Markets oscillated in a narrow range on the monthly expiry day and settled marginally higher. After the flat start, the Nifty slipped gradually lower, however, support around the 18,200 zone triggered a steady rebound in the final hours,” said Ajit Mishra, V-P (technical research), Religare Broking Ltd.

“On the day of monthly expiry, the Indian stocks traded with high volatility,” said Deven Mehata, Equity Research Analyst, Choice Broking.

“On the last day of monthly F&O series day, the benchmark indices witnessed a volatile trading session,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

“Global markets maintained their influence, exerting downward pressure on the domestic market in response to weaker cues from the US market and the recession in Germany. However, as US futures rose, propelled by a sharp increase in sales projections from chipmaker Nvidia, the domestic market was able to efficiently recoup its earlier losses,” said Vinod Nair, Head of Research at Geojit Financial Services. Foreign Institutional Investors (FIIs) were net buyers on Thursday as they bought equities worth Rs 589.10 crore, according to exchange data. From the Sensex pack, Bharti Airtel, ITC, Kotak Mahindra Bank, Larsen & Toubro, Power Grid, Bajaj Finance, Infosys, Nestle, Asian Paints and Mahindra & Mahindra were among the major gainers. Wipro, Tata Motors, IndusInd Bank, HDFC, Hindustan Unilever, State Bank of India and Tata Steel were the major laggards.

In the broader market, the BSE midcap gauge climbed 0.36 per cent and smallcap index gained 0.27 per cent. Among the indices, telecommunication rallied 1.67 per cent, realty jumped 1.10 per cent, FMCG (0.69 per cent), teck (0.58 per cent), consumer discretionary (0.57 per cent), industrials (0.57 per cent) and power (0.54 per cent). Metal, commodities, energy and financial services were the laggards.

In Asian markets, Seoul, Shanghai and Hong Kong settled lower, while Tokyo ended in the green. Equity markets in Europe were trading on a mixed note. The US market ended lower on Wednesday. The Sensex fell 208.01 points or 0.34 per cent to settle at 61,773.78 on Wednesday. The Nifty declined 62.60 points or 0.34 per cent to end at 18,285.40. Meanwhile, global oil benchmark Brent crude dipped 1.14 per cent to $77.47 a barrel.