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Key mkt indices edge up in choppy session
Sensex, Nifty clock gains for 2ndday on buying in IT and finance stocks;Investors stayed on the sidelines in absence of any fresh positive triggers
Mumbai: Rising for the second straight session, equity benchmark Sensex climbed 142 points on Thursday following buying in IT and finance stocks amid a positive trend in global markets. After a see-saw session, the 30-share BSE Sensex ended 142.43 points or 0.23 per cent higher at 60,806.22. During the day, the index witnessed a high of 60,863.63 and a low of 60,472.81. The broader NSE Nifty advanced 21.75 points or 0.12 per cent to finish at 17,893.45.
"Traders mostly remained on the sidelines in the absence of any fresh positive triggers, as worries of global slowdown and no signs of any pause on global rate hike cycle continued to weigh on the sentiment. Although markets were range-bound with a positive bias, fluctuation in the market could continue in the near term," said Shrikant Chouhan, head (equity research-retail), Kotak Securities Ltd.
"Markets closed higher for the second consecutive session, aided by buying in IT stocks and despite volatility in Adani group stocks following MSCI review of their free float weights in their indices. European stocks rose, after touching nine-month highs on Wednesday as investors pinned hopes on peaking inflation and a major recession now looking less likely on the continent. Any more-than-expected negative outcome of the MSCI review meeting on Adani company weights in their indices could result in a lower opening of Nifty on Friday," said Deepak Jasani, Head of Retail Research, HDFC Securities.
Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 736.82 crore on Wednesday, according to exchange data.
In the broader market, the BSE midcap gauge slipped 0.01 per cent and the smallcap index dipped 0.15 per cent. Among sectoral indices, IT climbed 0.88 per cent, technology 0.71 per cent, industrials (0.36 per cent) and Capital Goods (0.26 per cent). Power, telecommunications commodities and realty were among the losers.
