Domestic equity markets are seen remaining volatile till global equities settle down
The stock markets snapped a seven-day losing streak on Thursday, with the BSE benchmark index Sensex closing 330 points higher at 34,413 and the NSE Nifty finishing at 10,576. The domestic shares tracked mostly higher Asian markets on Thursday. However, analysts say Indian markets are likely to remain volatile till the global equities settle down. Overnight, US markets ended lower after a wild swing. The BSE Sensex soared as much as 551 points higher to touch an intraday high of 34,634.35 during Thursday's session while the NSE Nifty hit 10,637. The broader markets also saw strong buying with BSE midcap and smallcap indices closing with gains of 1.8 per cent and 2.3 per cent respectively. The gains were broad-based with all the sectoral indices BSE except oil & gas advancing.
Here are 10 updates on movement in BSE Sensex, NSE Nifty today:
- Among the Nifty50 gainers, Cipla ended 7.6 per cent higher on third-quarter earnings. Other pharma stocks that saw strong gains included Sun Pharma and Dr Reddy's Laboratories, closing 6.3 per cent and 3.3 per cent higher.
- IT stocks were also in the limelight after Cognizant posted better-than-expected results. Infosys settled with a gain of 2.3 per cent. Tech Mahindra and HCL Tech also rose.
- Most of the Asian markets ended higher today with Japan's Nikkei gaining over 1 per cent.
- Volatility in Indian markets is likely to remain high till global markets settle down, according to Sameet Chavan of Angel Broking. "It would be a prudent ploy to stay light and avoid making any kind of bottom fishing till the definite signals emerge," he said.
- "Market is into a trading zone with a broad-based recovery. The worst, as far as downside concerns and short-selling, is more or less done. But at the same time, the markets are not in clear waters yet with concerns over inflation," said Dharmesh Kant, an independent market expert.
- The BSE Sensex and NSE Nifty shed nearly 6 per cent each in the previous seven sessions, amid a selloff in global equities. Bond yields in the US had surged following better-than-expected jobs data in the US, which sparked concerns that Federal Reserve would hike interest rate at a faster pace.
- Overnight, on the Wall Street, US stocks ran out of steam after an early surge, with the S&P 500 closing 0.50 per cent lower and the Nasdaq Composite losing 0.9 per cent.
- Brent crude futures tumbled to a six-week low of $65.16 per barrel. A fall in crude prices is seen as positive for Indian economy, which imports most of its oil requirements.
- Oil marketing stocks BPCL and HPCL gained over 1 per cent.
- The rupee pulled back after falling to 64.37 against the US dollar. In latest trade, the rupee was trading at 64.23, as compared to Wednesday's close of 64.28.
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