Stock Market: Sensex Pares Loss, Rises Marginally; Nifty Holds 16,500 Amid High Volatility

New Delhi: Sensex and Nifty, the two key equity benchmarks, on Thursday pared losses and turned flat amid high volatility in global market.

At 10 am, the 30-share BSE Sensex rose marginally 48 points to 55,430, while the NSE Nifty was trading at 16,512, down 10 points.

On the BSE platform, Reliance was the top gainer, up 2.20 per cent, followed by TCS, Bajaj Finserv, Titan, Axis Bank, NTPC, and others. On the flip side, HUL was the top loser, down 1.57 per cent, followed by HDFC, TechM, PowerGrid, Airtel, and others.

In the broader markets, the BSE Midcap was down 0.3 per cent while the Smallcap index was up equally.

Sectorally, Nifty Financials, FMCG, Banks and Auto indices were notable losers, down up to 1 per cent. On the flip side, IT and PSB indices on the Nifty held strong gains of around a per cent each. On NSE, nine out of the 15 sector gauges were trading in the red.

The Sensex skidded 185 points (0.33 per cent) to settle at 55,381 on Wednesday, while the Nifty dipped 61 points (0.37 per cent) to finish at 16,522.

Elsewhere in Asia, markets in Tokyo, Hong Kong and Seoul were trading lower, while Shanghai quoted in the green.

Stock markets in the US had ended lower on Wednesday.

Meanwhile, international oil benchmark Brent crude declined 1.56 per cent to $114.48 per barrel.

Foreign institutional investors offloaded shares worth a net Rs 1,930.16 crore on Wednesday, as per stock exchange data.

"Inflation fears along with interest rate hikes going ahead are back on front pages. FPI outflows too are seen denting sentiments,” Prashanth Tapse, vice-president (research), Mehta Equities told the PTI.