Sensex Ends 170 Points Higher as Bank and IT Stocks Save The Day

Mumbai: Market benchmark Sensex rebounded over 170 points after a volatile session, helped by fag-end buying in mainly banking and IT stocks.

After swinging 322 points during the day, the 30-share Sensex ended 170.42 points, or 0.42 per cent, higher at 40,286.48. Similarly, the broader NSE Nifty rose 31.65 points, or 0.27 per cent, to end at 11,872.10.

Top gainers in the Sensex pack included ICICI Bank, Infosys, Bajaj Finance and HDFC Bank, rising up to 2.67 per cent. While, IndusInd Bank, Vedanta, Tata Motors, ONGC and HUL fell up to 2.79 per cent.

After trading on a choppy note through the day, value-buying in select index-heavyweights lifted key benchmarks, traders said.

A broad-based weakness prevailed in the market as weak macro numbers and negative global cues kept investors on edge.

Wholesale prices based inflation eased further to 0.16 per cent in October, as against 0.33 per cent in September due to subdued prices of non-food articles and fall in prices of manufactured items, government data showed on Thursday.

On the other hand, retail price based consumer inflation spiked to 16-month high of 4.62 per cent in October on costlier food items, reducing the headroom for a rate cut by the RBI in its monetary policy due next month.

Further, Moody's Investors Service on Thursday slashed India's economic growth forecast to 5.6 per cent for 2019, saying government measures do not address the widespread weakness in consumption demand.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul on a mixed note, while those in Europe were also trading in the red in their respective early deals.

Meanwhile, the Indian rupee recovered 14 paise to 71.94 against the US dollar intra-day. Brent crude futures, the global oil benchmark, rose 0.64 per cent to USD 62.77 per barrel.