Stock Market Closes Marginally Higher: Sensex Gains 127 Points, Nifty Ends Below 17,000 Amid Volatility

Stock update: On the 30-share Sensex platform, Reliance was the lead gainer, up 1.54 per cent, followed by Sun Pharma, Maruti, SBI, Kotak Bank, UltraCemco, HUL were the other notable winners

The two key equity benchmarks, Sensex and Nifty, on Monday closed marginally higher snapping their two-day losing run amid high volatility. After a stable start, the market extended gains as the day progress. However, during the final-hour selling seen in the auto, power, and realty stocks limited the gains.

The BSE Sensex closed at 57,654, up 127 points. On the other hand, the NSE Nifty50 ended day’s trading at 16,986, up 41 points.

On the 30-share Sensex platform, Reliance was the lead gainer, up 1.54 per cent, followed by Sun Pharma, Maruti, SBI, Kotak Bank, UltraCemco, HUL were the other notable winners. On the flip side, PowerGrid, Tata Motors, Bajaj twins, M&M, Axis Bank, NTPC, ICICI Bank were among the losers.

Shares of select AMC’s reeled under selling pressure for the second straight day after the proposed change in taxation norms for debt funds. Aditya Birla Sun Life hit a record low on Monday. 

In the broader market, the BSE Midcap index shed 0.4 per cent, while the Smallcap index was down 1.5 per cent.

Among sectors, auto, capital goods, power, and realty were down 0.5-2 per cent, while the pharma index was up a per cent.

In the previous session on Friday, the S&P BSE Sensex went down 398 points, or 0.69 per cent, at 57,527 levels, while the Nifty50 ended at 16,945, down 132 points, or 0.77 per cent.

In Asian markets, Seoul, Shanghai and Hong Kong ended in the red while Japan settled in the green. European markets were trading in positive territory during the afternoon trade. The US markets ended higher on Friday.

Global oil benchmark Brent crude climbed 0.39 per cent to $75.28 per barrel.

Foreign Portfolio Investors (FPIs) offloaded equities worth Rs 1,720.44 crore on Friday, according to exchange data.

Meanwhile, the rupee appreciated by 3 paise to close at 82.37 (provisional) against the US dollar on Monday, as a positive trend in domestic equities and a weak dollar supported investor sentiments.

At the interbank foreign exchange market, the local unit opened at 82.36 against the American currency and finally settled at 82.37 (provisional) against the greenback, registering a gain of 3 paise over its previous close of 82.40.

During the trading session, the rupee touched a high of 82.27 and a low of 82.42 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 103.09.