Key benchmark indices snapped their four-day losing run, ending near day’s high, as hefty buying emerged in energy, pharma, FMCG, and IT shares. The BSE Sensex bounced 813 points from the day’s low to settle at 55,320. This was 428 points, or 0.78 per cent, higher than its previous close. On the NSE, the Nifty50 recovered from a low of 16,244 to end at 16,478, up 122 points or 0.74 per cent higher than yesterday’s close. In the broader markets, the Nifty MidCap and SmallCap indices added up to 0.5 per cent.
Dr Reddy’s Labs, Reliance Industries, Bharti Airtel, Sun Pharma, Tech M, and Infosys were the top large-cap gainers, while Oil India, Concor, IEX, Indraprastha Gas, PNB Housing, Suzlon, and CAMS topped charts in the mid- and small-cap segment.
Select financials and metals, including Tata Steel, SBI, Bajaj Finance, and HDFC, were the top laggards, along with NTPC, M&M, Ultratech Cement, HUL, and Asian Paints.
S Ranganathan, Head of Research at LKP Securities, said: “Street displayed caution ahead of the FOMC meeting despite known outcomes as supply chain disruptions and rising inflation continue to exert pressure. Fears of a slowdown in GOI CAPEX spending in the wake of rising subsidies despite the buoyancy in tax collections kept the street circumspect. While Indices stayed buoyant rising by almost a percentage led by a surge in the Energy Index, the broader markets witnessed profit booking in refinery stocks after a strong up-move over the last few weeks. Domestic Flows over the last many months have been structurally positive even as Foreign Outflows continue unabated”
Global Cues
US stocks fell on Wednesday as Treasury yields rose above the psychologically important 3 per cent level and oil prices jumped, fanning worries about inflation and the outlook for interest rates. The Dow Jones Industrial Average fell 269.24 points, or 0.81 per cent, to 32,910.9; the S&P 500 lost 44.91 points, or 1.08 per cent, to 4,115.77; and the Nasdaq Composite dropped 88.96 points, or 0.73 per cent, to 12,086.27.
Australian shares slipped on Thursday, impacted by banking stocks extending losses after the central bank raised interest rates by the most in 22 years, while Crown Resorts climbed after gambling regulators approved its buyout by Blackstone. The MSCI world equity index, which tracks shares in 50 countries, fell 0.56 per cent. In other key markets, Japan’s Nikkei rose 0.2 per cent to 28,298.39 and S&P 500 E-minis futures inched 0.1 per cent lower.
Asian stocks traded mostly lower after a decent winning streak and overnight fall of US shares. Those trading higher were supported by a pick-up in tech stocks. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.22 per cent.
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