Sensex edges higher, Nifty ends almost flat amid volatile trade

NewsDrum Desk
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Mumbai, Mar 12 (PTI) Equity market benchmark Sensex ended higher on Tuesday due to heavy buying in index heavyweights like HDFC Bank, TCS and Reliance Industries amid mixed cues from Asian markets.

Witnessing a volatile trade, the 30-share BSE Sensex closed 165.32 points or 0.22 per cent higher at 73,667.96. During the day, the barometer surged 501.52 points to 74,004.16.

The broader Nifty, however, ended almost flat at 22,335.70, inching up 3.05 points or 0.01 per cent.

Among Sensex firms, HDFC Bank climbed more than 2 per cent. TCS, Maruti, Infosys, Reliance Industries and Bharti Airtel were among the major gainers.

State Bank of India, JSW Steel, ITC, Tata Motors, UltraTech Cement and Nestle were among the laggards.

"The domestic market witnessed range-bound trading today after the previous day's sharp profit booking. However, mid and small-cap stocks remained pressured, primarily due to apprehensions regarding inflated valuations," Vinod Nair, Head of Research, Geojit Financial Services, said.

"Global sentiment remained mixed as investors awaited key US inflation data, which could offer insights into the Fed's interest rate decisions. Additionally, market participants are anticipating India's inflation figures scheduled for release today, to remain consistent with the previous month, which will be at the middle of RBI's tolerance range," he added.

In the broader market, the BSE smallcap gauge declined 2.11 per cent and midcap index dipped 1.31 per cent.

Among sectoral indices, realty plummeted by 3.53 per cent, industrials by 1.74 per cent, commodities by 1.73 per cent, services by 1.70 per cent, utilities by 1.59 per cent and metal by 1.34 per cent. IT and Teck were the only gainers.

"Despite certain indices and sectors initially performing well, many retreated from their day's highs, while others hovered close to their lows. Throughout the day, both the midcap and small-cap indices remained under pressure, reflecting the prevailing challenges across these segments of the market.

"On the sectoral front, apart from IT, all other indices were trading in the red, with the realty index down nearly 4 per cent.

"The benchmark index witnessed a volatile opening hour, with sharp swings on both sides. As the volatility cooled off, the index oscillated in the range of 96 points and closed in the lower quartile of the 196-point trading range established during the day," Avdhut Bagkar Technical and Derivatives Analyst at StoxBox, said.

Shares of Jio Financial Services extended its record run on Tuesday and jumped 5.27 per cent to hit a 52-week high of Rs 374.50 apiece on the BSE.

Shares of Sanghi Industries settled more than 8 per cent higher on Tuesday after Adani Group-owned Ambuja Cements said it intends to divest up to 2 per cent stake in the company to comply with minimum public shareholding norms.

Ambuja Cements is one of the promoters of Sanghi Industries having a 54.51 per cent stake in the company as of December 2023.

Shares of SpiceJet settled 9 per cent lower after the airline said several members of its commercial team have resigned with immediate effect, as part of a strategic restructuring at the airline.

Among Asian markets, Japan's Nikkei 225 lost 0.1 per cent and the Shanghai Composite index retreated, losing 0.4 per cent. Hong Kong's Hang Seng went up 3.1 per cent and South Korea's Kospi advanced 0.8 per cent.

Indices in european markets were trading higher during mid-session deals. Markets in the US ended on a mixed note on Monday.

Global oil benchmark Brent crude climbed 0.86 per cent to USD 82.92 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 4,212.76 crore on Monday, according to exchange data.

The BSE benchmark declined 616.75 points or 0.83 per cent to settle at 73,502.64 on Monday. The Nifty slumped by 160.90 points or 0.72 per cent to close at 22,332.65. PTI HG HVA