The equity benchmark indices Sensex and Nifty climbed sharply on Thursday in the early trade. The Sensex jumped 425.5 points to 78,898.37, while the Nifty surged 123.85 points to 23,851.50. The market opened on upward trend day after Christmas celebration as the equity markets remained closed on Wednesday for Christmas.
Sensex, Nifty settle almost flat in highly volatile trade
Earlier on Tuesday, the benchmark equity indices Sensex and Nifty ended on a flat note in a volatile trade, as investors preferred to stay on the sidelines awaiting further triggers amid persistent foreign fund outflows. After gyrating between highs and lows, the 30-share index declined 67.30 points or 0.09 per cent to settle at 78,472.87. During the day, it dropped 142.38 points or 0.18 per cent to 78,397.79.
The NSE Nifty dipped 25.80 points or 0.11 per cent to 23,727.65. As many as 2,019 stocks declined, while 1,977 advanced and 96 remained unchanged on the BSE.
"The domestic market concluded flat ahead of the holiday, with metal and power stocks dragging performance while FMCG and auto sectors gained from recent corrections.
"The near-term market trajectory hinges on the outcome of Q3 results and the Union budget, but caution prevails due to a strong dollar, high bond yields, and concerns over rate cuts. The rupee hitting an all-time low further evoked the caution," Vinod Nair, Head of Research, Geojit Financial Services, said.
From the 30 blue-chip stocks, Power Grid, State Bank of India, Titan, Tata Steel, IndusInd Bank, UltraTech Cement, Adani Ports and Infosys were among the laggards.
In contrast, Tata Motors, ITC, Nestle, Tata Consultancy Services, NTPC and Zomato were among the gainers.
The BSE smallcap gauge climbed 0.37 per cent, and the BSE midcap index rose 0.09 per cent.
"The Nifty index saw a lacklustre start to the much-anticipated 'Santa Claus Rally Period,' with the index closing at 23,728, down 26 points. The sluggish session was attributed to persistent selling by FIIs, concerns over India's slowing economic growth, and a weakening Indian rupee, which hit a record low of Rs.85.13 against the dollar.
"These factors weighed on investor sentiment, keeping the market directionless and choppy throughout the day. Our earlier call suggested a low-volume trading session, and that prediction held true as Nifty traded in a volatile range," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Among sectoral indices, metal slumped 0.93 per cent, power declined 0.73 per cent, utilities (0.52 per cent), consumer durables (0.50 per cent) and commodities (0.33 per cent). BSE Consumer Discretionary, energy, healthcare, telecommunication, auto, oil & gas and services were the gainers.
FIIs offloaded equities worth Rs 168.71 crore
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 168.71 crore on Monday, according to exchange data. In Asian markets, Shanghai and Hong Kong settled higher, while Seoul and Tokyo ended in negative territory. European markets were trading with gains in mid-session deals.
Wall Street ended in the positive zone overnight trade on Monday. The rupee extended the slide for the second straight session and depreciated 9 paise to settle at a fresh all-time low of 85.20 (provisional) against the US dollar on Tuesday.
