Stock Market: Sensex Rises 170 Points, Nifty Ends Near 17,650 Amid Volatile Session. IT Stocks Lead

On the 30-share Sensex platform, Bajaj Finance, UltraCemco, Bajaj Finserv, HCL, NTPC, Asian Paints settled in the positive territory

Sensex and Nifty, the two key equity benchmarks, on Monday ended in the green after a sharp selloff over the past two days amid high volatility. The domestic indices which oscillated between gains and losses managed to post nominal gains just before closing.

The BSE Sensex settled 170 points higher at 59,500. The Sensex had swung 945 points between gains and losses during the day. It touched an intra-day low of 58,699. On the other hand, the NSE Nifty rose 243 points from its day's low to end at 17,649, up 45 points.

On the 30-share Sensex platform, Bajaj Finance, UltraCemco, Bajaj Finserv, HCL, NTPC, Asian Paints settled in the positive territory. The stocks gained 1-5 per cent. On the flip side, Power Grid, L&T, IndusInd Bank, Bajaj Auto, HUL, Tata Steel and HUL were the prime frontline laggards.

Adani Group stocks were mixed on Monday with Adani Enterprises, Ambuja Cements and ACC gaining 1.4-4 per cent following the group's detailed rebuttal to allegations made by Hindenburg Research. While Adani Transmission, Adani Total Gas, Adani Green ended 15-20 per cent lower. Adani Wilmar, Adani Power and NDTV lost 5 per cent each. With this, the group's market rout has exceeded $66 billion.

Meanwhile, Bajaj Finance was the top index winner that ended around 5 per cent higher on reporting its highest-ever consolidated quarterly profit of Rs 2,973 crore in Q3.

In the broader markets, the BSE Midcap and Smallcap indices closed up to 0.2 per cent lower.

Among sectors, Nifty IT gained the most by 1 per cent followed by PSB index, while oil & gas pocket was the top loser, down over 3 per cent.

Adani Enterprises' OFS, as of 3.30 pm, had been subscribed only 2 per cent with bids made for 9,10,140 shares versus 4,55,06,791 shares on offer. The stock ended at Rs 2878.5, down 8.1 per cent over the floor price of the OFS.

In the previous session on Friday, Tthe S&P BSE Sensex declined 874 points to close at 59,331, its lowest level since October 21, 2022 when it ended at 59,307. The NSE Nifty dropped to 17,604 with a massive loss of 288 points.

Meanwhile, the rupee rose by 9 paise to close at 81.50 (provisional) against the US currency in a restricted trade on Monday, supported by a weak greenback in the overseas markets and a decline in crude oil prices.

At the interbank foreign exchange market, the local unit opened lower at 81.69 and touched a low of 81.72 against the US dollar in line with losses in the equity markets. Later, it recovered ground and touched a high of 81.49 before settling at 81.50, shoing gains of nine paise over the previous close of 81.59 on Friday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.16 per cent to 101.76.

Global oil benchmark Brent crude futures fell 0.25 per cent to $86.44 per barrel.

Foreign Institutional Investors (FIIs) turned net sellers in the capital markets on Friday as they offloaded shares worth Rs 5,977.86 crore, according to exchange data amid a slump in Indian equities due to Adani Group-led selloff on Friday.