Stock markets snap four days of losses; end marginally higher
Benchmark equity indices Sensex and Nifty ended marginally higher on Wednesday, snapping their four-day losing streak, as elevated crude oil prices and persistent geopolitical uncertainties restricted the upside.
The 30-share BSE Sensex rose 49.74 points, or 0.07 per cent, to settle at 74,608.98. During the day, the index touched a high of 75,191.57 and a low of 74,134.48, gyrating 1,057.09 points.
The 50-share NSE edged higher by 33.05 points or 0.14 per cent to end at 23,412.60. From the Sensex constituents, Asian Paints, Tata Steel, Adani Ports, Bharat Electronics, Bharti Airtel and Larsen & Toubro were among the winners. Mahindra & Mahindra, Infosys, Tata Consultancy Services, Sun Pharma and Tech Mahindra were among the biggest laggards.
Brent crude, the global oil benchmark, fell 0.5 per cent to $107.27 per barrel. Foreign Institutional Investors (FIIs) offloaded equities worth `1,959.39 crore on Tuesday, according to exchange data. “After two consecutive heavy sell-off sessions, Indian equity markets witnessed a relatively stable session today, with benchmark indices managing to close marginally in the green.
“The market traded largely range-bound through the day, indicating a temporary pause in panic selling, although underlying sentiment continues to remain cautious amid persistent global and domestic macro concerns,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
India’s retail inflation rose slightly to 3.48 per cent in April, mainly due to higher prices of gold and silver jewellery as well as some kitchen items, according to Government data released on Tuesday.
In Asian markets, South Korea’s benchmark Kospi, Japan’s benchmark Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng ended in positive territory.
Markets in Europe were trading on a mixed note.
US markets ended mostly lower on Tuesday.
On Tuesday, the BSE benchmark tanked 1,456.04 points, or 1.92 per cent, to settle at 74,559.24. The Nifty dropped 436.30 points, or 1.83 per cent, to end at 23,379.55.
