Stock Market: Sensex, Nifty Trade Marginally Higher Amid Volatility. Realty Stocks Lead

Stock update: On the 30-share Sensex platform, Bajaj twins, Kotak Bank, ITC, Tata Motors, Nestle, Reliance were among the winners in early trade

The two key equity benchmarks, Sensex and Nifty, on Thursday gained marginally higher amid volatile trade, as traders prepare for the monthly F&O expiry.

At 9.50 am, the S&P BSE Sensex was trading at 60,416, up 115 points. On the other hand, the NSE Nifty was trading at 17,841, up 27 points.

On the 30-share Sensex platform, Bajaj twins, Kotak Bank, ITC, Tata Motors, Nestle, Reliance were among the winners in early trade. On the flip side, PowerGrid, TCS, Sun Pharma, HUL, Wipro, Asian Paints were the laggards.

Among specific stocks, shares of Bajaj Finance gained 2.45 per cent. The company's consolidated net profit rose 30 per cent YoY to Rs 3,158 crore in Q4FY23, on the back of higher net interest income (NII). The board recommended dividend payout of Rs 30 per share. Shares of Indus Towers advanced 3.5 per cent even as Indus Towers' fiscal fourth-quarter net profit fell 23 per cent on year as the telecom infrastructure provider continued to provide towards doubtful dues from its largest customer, Vodafone Idea.

In the broader markets, the BSE Midcap index was flat and Smallcap index added 0.24 per cent.

Sectorwise, the Nifty PSU Bank, Private Bank, and Realty indices added 0.3 per cent each. On the downside, the Nifty Media index dipped 0.2 per cent.

In the previous session on Thursday, the S&P BSE Sensex closed 170 points higher at 60,301. On the other hand, the Nifty50 shut shop at 17,814, up 44 points.

In Asian markets, Seoul, and Shanghai were trading in the green while Japan and Hong Kong quoted lower. The US markets had ended mostly lower on Wednesday.

"With the current month's F&O set to expire today, caution may prevail. Recession fears are again seen resurfacing in the US amid renewed concerns about a wider impact from the recent banking crisis. Also, chances of more rate hikes by the US Fed and key European nations are likely to keep upside capped going ahead. However, positive catalysts like crude oil prices below $80 a barrel and FIIs turning net buyers of local shares could limit the downside in the near term," Prashanth Tapse, senior VP (Research), Mehta Equities Ltd, said.

Global oil benchmark Brent crude advanced 0.48 per cent to $78.06 per barrel.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 1,257.48 crore, according to exchange data.

Meanwhile, the rupee gained 8 paise to 81.66 against the US dollar in early trade on Thursday amid weak American currency in the overseas market. Forex traders said a positive trend in domestic equities, foreign fund inflows and crude oil prices below $80 a barrel also supported the local unit.

At the interbank foreign exchange, the domestic unit opened at 81.69 against the dollar and then climbed to 81.66, registering a rise of 5 paise over its previous close. On Wednesday, the rupee closed at 81.74 against the US currency.