Sensex, Nifty close marginally up amid recovery in global markets

The Nifty settled around the days high to close at 15,850 levels, Ajit Mishra, VP - Research, Religare Broking Ltd said.Elsewhere in Asia, markets in Tokyo, Shanghai, Seoul and Hong Kong bounced back after initial decline and ended with gains.European markets were trading in the green in mid-session deals.The US markets had ended lower on Monday.Meanwhile, international oil benchmark Brent crude jumped 1.58 per cent to USD 116.9 per barrel.Foreign institutional investors FIIs remained net sellers in the capital market, as they sold shares worth Rs 1,278.42 crore on Monday, as per exchange data.

Benchmark stock indices Sensex and Nifty rebounded from early lows to close marginally up on Tuesday following fag-end buying in oil and gas, IT, and auto stocks amid a recovery in global equities.

Posting gains for the fourth session in a row, the 30-share BSE Sensex settled up 16.17 points or 0.03 percent at 53,177.45. The index opened lower and dropped nearly 390 points to hit a low of 52,771.53 points due to persistent FII selling and weak global trends.

However, a late recovery in Asian markets and early gains in European exchanges helped the index cut losses. The index recovered by nearly 405 points from the day's low to end with gains.

The NSE Nifty gained 18.15 points or 0.11 percent to 15,850.20. It hit a low of 15,710.15 and a high of 15,892.10 during the day. As many as 32 of its constituents advanced while 17 declined.

''After a gap down opening, domestic indices were lifted by positive global peers while oil prices rose over renewed supply concerns,'' Vinod Nair, Head of Research at Geojit Financial Services said.

The weakened rupee and rising bond yields limited domestic investors’ risk appetite, Nair said, adding that gains in commodity-linked stocks and optimism over easing Covid restrictions in China aided the global up-move.

Among Sensex stocks, Mahindra & Mahindra rose the most by 2.78 percent, followed by index heavyweight Reliance Industries which advanced 1.49 percent. Dr. Reddy's rose by 1.41 percent, Tata Steel by 1.34 percent, and Tech Mahindra by 1.26 percent.

Gains in Larsen & Toubro, Infosys, ITC, Axis Bank, SBI, and HCL Tech helped the index close in green.

On the other hand, Titan fell the most by 3.54 percent, Asian Pants by 3.25 percent, Bajaj Finserv by 1.94 percent, and Kotak Bank by 1.32 percent.

ICICI Bank, Bajaj Finance, IndusInd Bank, HDFC, Bharti Airtel, and HDFC Bank also retreated.

''Markets witnessed a roller coaster ride in intra-day trade, but selective buying in IT, metal, auto, and oil & gas stocks helped the key benchmark indices recover at fag-end to log modest gains. The early upturn in European markets and recovery in other Asian gauges also provided an impetus to local markets,'' said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

In the broader market, the BSE smallcap gauge ended with a 0.24 percent gain, and the midcap index advanced 0.18 percent.

Among the BSE sectoral indices, oil & gas jumped 2.54 percent, energy by 2.45 percent, metal by 1.97 percent, auto by 1.26 percent, and basic materials by 0.74 percent.

Consumer discretionary goods & services, finance, telecom, bank, consumer durables, and power were the laggards.

''Markets ended almost unchanged in a volatile trading session tracking mixed cues. The Nifty settled around the day’s high to close at 15,850 levels,'' Ajit Mishra, VP - Research, Religare Broking Ltd said.

Elsewhere in Asia, markets in Tokyo, Shanghai, Seoul, and Hong Kong bounced back after the initial decline and ended with gains.

European markets were trading in the green in mid-session deals.

The US markets had ended lower on Monday.

Meanwhile, international oil benchmark Brent crude jumped 1.58 percent to USD 116.9 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 1,278.42 crore on Monday, as per exchange data.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)