Share market settle with modest gains in highly volatile trade

Mumbai: Equity benchmarks Sensex and Nifty eked out marginal gains to settle in the positive zone after a highly volatile trade on Wednesday, helped by buying in index majors Infosys, ITC and Reliance Industries.

However, the rise in stocks was restricted amid unabated foreign fund outflows from the equity markets, traders said.

In a choppy session, the 30-share BSE Sensex climbed 92.47 points or 0.14 per cent to settle at 66,023.24. During the day, it fell to a low of 65,664.85 and touched a high of 66,063.43.

The Nifty edged higher by 28.45 points or 0.14 per cent to 19,811.85.

Among the Sensex firms, Infosys, NTPC, Power Grid, Titan, ITC, Tech Mahindra, Hindustan Unilever, Axis Bank, Tata Consultancy Services, Bajaj Finserv, Reliance Industries and UltraTech Cement were the biggest gainers.

In contrast, IndusInd Bank, Kotak Mahindra Bank, Mahindra & Mahindra, JSW Steel, HDFC Bank and Maruti were the major laggards.

In Asian markets, Seoul and Tokyo settled in the green, while Shanghai and Hong Kong ended lower.

Europan markets were trading mostly with gains. The US markets ended in negative territory on Tuesday.

"Despite the US Fed adopting a cautious stance in its minutes and refraining from indicating a rate cut, the market recovered from the day’s correction and ended with mild gain. On the other hand, the broad market witnessed some profit-booking as investors' focus shifted to the primary market, marked by a set of IPOs scheduled for this week.

"However, the undercurrent is positive, with a cooling of inflation and an easing US bond yield supporting a short- to medium-term rally," said Vinod Nair, Head of Research at Geojit Financial Services.

Global oil benchmark Brent crude declined 0.46 per cent to USD 82.07 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 455.59 crore on Tuesday, according to exchange data.

The BSE benchmark climbed 275.62 points or 0.42 per cent to settle at 65,930.77 on Tuesday. The Nifty went up by 89.40 points or 0.45 per cent to 19,783.40.