Sensex, Nifty Edge Higher Amid Volatile Trade As Global Markets Step BackPage Visited: 7
Domestic stock markets started Wednesday’s session on a volatile note, with benchmark indices fluctuating between gains and losses amid caution in Asian equities. The S&P BSE Sensex index rose 98.95 points – or 0.23 per cent – to touch 44,051.66 at the strongest level recorded in early deals, whereas the broader NSE Nifty 50 benchmark climbing to as high as 12,896.80, up 22.6 points – or 0.18 per cent – from its previous close. Gains in bank, automobile and energy shares supported the markets, however losses in consumer goods and select IT stocks limited the upside.
At 9:28 am, the Sensex traded 12.16 points – or 0.03 per cent – higher at 43,964.87, while the Nifty was up 15.65 points – or 0.12 per cent – at 12,889.85.
Top percentage gainers in the Nifty basket of 50 shares were Adani Ports, Tata Motors, State Bank of India, ICICI Bank and Power Grid, trading between 1.15 per cent and 2.28 per cent higher.
On the other hand, Bharat Petroleum, Britannia, Sun Pharma, Hindustan Unilever and Titan, trading between 0.96 per cent and 1.48 per cent lower, were the worst hit among 26 laggards in the index.
ICICI Bank, SBI and HDFC Bank were the biggest supports to Sensex, whereas Reliance Industries and TCS were the biggest drags.
Analysts awaited news updates from a key Supreme Court hearing on interest waivers for loans under moratorium. The outcome of the case could have far-reaching consequences not only for millions of borrowers, but also for banks.
Global shares stepped back on Wednesday as soft US retail sales fuelled worries that rising coronavirus cases could stifle a still fragile economic recovery, dampening the euphoria from vaccine trial breakthroughs.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed, drawing support from better handling of the pandemic in much of the region, but Japan’s Nikkei 225 gauge dropped 0.76 per cent.
The E-Mini S&P 500 futures shed 0.3 per cent in Asian trade, a day after the US benchmark index S&P 500 lost 0.48 per cent, while Europe’s Euro Stoxx 50 futures eased 0.2 per cent.