Closing Bell: Sensex, Nifty Snap 4-Day Losing Streak Led By Infosys, Reliance, TCS

The Sensex ended 113 points higher at 57,901, while Nifty 50 index advanced 27 points to end at 17,248

The BSE at Dalal Street in Mumbai

New Delhi: The key Indian equity benchmarks snapped their four-day losing streak led by gains in Infosys, Bajaj Finance, Reliance Industries, Tata Consultancy Services, Titan, and HCL Technologies.

Broader markets weakened, with the Nifty Midcap 100 and Smallcap 100 indices ending with cuts of 0.7-0.8 per cent. Supriya Lifescience’s IPO was fully subscribed on its first day of bidding.

For most part of the day, the benchmarks fluctuated between gains and losses owing to minor volatility because of weekly expiry of index futures and option contracts.

On the other hand, Bajaj Auto, ICICI Bank, Sun Pharma, Maruti, and IndusInd Bank slipped over a per cent each.

The Sensex traded in range of 650 points and Nifty 50 index touched an intraday high of 17,379.35 and low of 17,195.

The Sensex ended 113 points higher at 57,901, while Nifty 50 index advanced 27 points to end at 17,248.

Last night, the US Federal Reserve said it would accelerate its pullback of economic stimulus and likely raise interest rates three times next year to tackle rising inflation.

“A hawkish Fed sending the markets higher is rare. But this happened on Wednesday in the US, since markets were positioned for a hawkish Fed, but hawkishness itself had positive market connotations,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services.

Larger taper and three rate hikes of 25 bps each in 2022 are negative from market perspective, but the positive news is that the Fed expects inflation to cool off.

In India markets are positioned for volatility since the short-term texture of the market is sell on rally, dictated by relentless FII selling. This trend may persist for a few more days, he added.

In the previous session, the 30-share equity benchmark slumped 329 points or 0.57 per cent to end at 57,788, and Nifty fell 103.50 points or 0.60 per cent to 17,221.40.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,407.04 crore on Wednesday, according to stock exchange data.

Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul were trading with gains in mid-session deals, while Hong Kong was in the red.

Stock exchanges on Wall Street ended on a positive note in the overnight session.

Meanwhile, international oil benchmark Brent crude rose 0.88 per cent to $74.53 per barrel.