Stock Market: Sensex, Nifty Close Marginally Higher Amid Volatility. IT Stocks Worst Hit

Stock update: On the 30-share Sensex platform, IndusInd Bank was the top gainer, up 3.15 per cent, followed by PowerGrid, Axis Bank, Bajaj Finserv, Kotak Bank, ICICI Bank, SBI emerged winners

The two key equity benchmarks, Sensex and Nifty, closed in the green after late buying in financial stocks catapulted benchmark indices on Thursday amid volatility. The bull-run entered into the ninth day, with IndusInd Bank, Bajaj Finserv, Axis Bank, Kotak Bank, Bajaj Finance, ICICI Bank rising up to 3 per cent.

The S&P BSE Sensex bounced back 349 points from the day's low to end at 60,431, up 38 points (0.06 per cent). On the other hand, the Nifty50, too, bagged gains of 16 points to settle at 17,828.

On the 30-share Sensex platform, IndusInd Bank was the top gainer, up 3.15 per cent, followed by PowerGrid, Axis Bank, Bajaj Finserv, Kotak Bank, ICICI Bank, SBI emerged winners. On the flip side, Infosys, TechM, HCL Tech, NTPC, TCS, L&T were among the losers.

Shares of Infosys fell by nearly 3 per cent ahead of its quarterly earnings announcement later in the day.

In the broader markets, the BSE MidCap and SmallCap indices outran their large-cap peers with gains of up to 0.3 per cent. 

In the previous session on Wednesday, the S&P BSE Sensex closed at 60,393, up 235 points (0.39 per cent). On the other hand, the Nifty50 index shut shop at 17,812, up 90 points (0.5 per cent).

Markets will remain shut on Friday on account of Ambedkar Jayanti.

"Indian shares experienced a downturn, weighed down by IT stocks following weak quarterly earnings and a cautious outlook from the top IT firm, which flagged apprehensions over deferred spending and uncertainty in its BFSI segment. The decrease in CPI inflation to 5.66 per cent in India, coupled with the moderation of core inflation, supports the decision of the MPC to keep policy rates on hold. While US inflation cooled to 5 per cent, anxieties grew globally after the Federal Open Market Committee (FOMC) minutes hinted at a possible "mild recession" due to the impact of banking turmoil," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Seoul, Japan, and Hong Kong ended in the green, while Shanghai settled lower. European equity markets were trading on a mixed note during the afternoon trade. The US markets had ended lower on Wednesday.

Global oil benchmark Brent crude dipped 0.05 per cent to $87.29 per barrel.

Foreign Portfolio Investors (FPIs) continued their buying activity as they further bought equities worth Rs 1,907.95 crore on Wednesday, according to exchange data.

Meanwhile, the rupee appreciated 27 paise to close at 81.84 (provisional) against the US dollar on Thursday, tracking the broad weakness of the American currency in the overseas market.

At the interbank foreign exchange market, the local unit opened at 81.99 against the US currency and finally closed at 81.84 (provisional) against the greenback, registering a gain of 27 paise over its previous close.

During the session, the rupee touched a high of 81.83 and a low of 82.01 against the dollar. On Wednesday, the rupee closed at 82.11 against the US currency.