Mkts Edge Up For 2nd Day On Uncertain Global Cues

Mumbai: Benchmark indices Sensex and ticked higher for the second straight session on Wednesday, buoyed by buying in bellwether stock Reliance Industries, Zomato and Kotak Bank amid a largely firm trend in global markets. However, elevated crude oil prices in the international markets and buying by foreign investors weighed on market sentiment, traders said. The 30-share BSE index climbed 224.45 points or 0.29 per cent to close at 76,724.08. During the day, it jumped 491.42 points or 0.64 per cent to 76,991.05. The NSE Nifty advanced 37.15 points or 0.16 per cent to 23,213.20. As many as 2,150 stocks advanced, while 1,806 declined and 108 remained unchanged on the BSE.

“The domestic market continues to be volatile on account of elevated US bond yields, strengthening dollar, and increasing FIIs outflows. Global markets are cautious ahead of the US December CPI inflation data, which is anticipated to be in the elevated range in the short term, limiting the US Fed’s ability to cut rates. Also, a rise in oil prices and dollar appreciation is likely to affect domestic inflation in the near future,” said Vinod Nair, head (research), Geojit Financial Services.

“Markets traded in a subdued manner and ended marginally higher, extending Tuesday’s trend. The market seems to be pausing as recovery attempts face resistance, though select heavyweight stocks are limiting the downside. Investors are now closely eyeing earnings from Reliance, Infosys, and Axis Bank for directional cues,” added Ajit Mishra Sr V-P (research), Religare Broking Ltd.