Stock Market Snaps 5-Day Losing Run: Sensex Closes With Modest Gains, Nifty Ends Below 17,000 Amid Volatility

Stock update: On the 30-share Sensex platform, Nestle, Titan, Hindustan Unilever, Sun Pharma, Asian Paints, and SBI were the major gainers, up over 2 per cent each

In the broader markets, the BSE Midcap index ended on flat note, while Smallcap index fell 0.7 per cent.

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After oscillating between gains and losses throughout the day, the two key equity benchmarks, Sensex and Nifty, on Thursday snapped their five-day losing streak tracking high volatility. In the intra-day trade, FMCG and select banking shares gained, while IT and metal stocks saw selling pressure.

The S&P BSE Sensex at the end closed marginally higher by 79 points to 57,634. On the other hand, the NSE Nifty50, which dipped to a low of 16,850, settled 13 points higher at 16,986.

On the 30-share Sensex platform, Nestle, Titan, Hindustan Unilever, Sun Pharma, Asian Paints, and SBI were the major gainers, up over 2 per cent each. On the flip side, Tata Steel dropped over 3 per cent, and IndusInd Bank slipped 2.3 per cent. Bharti Airtel and Infosys were the other notable losers.

#ABPLiveStockMarketWatch | Indian equity benchmarks on Thursday snapped their five-day losing streak

At 03:30 PM, #Sensex gains 79 points to 57,635 & #Nifty up 13 points to close at 16,986

Here's a look at the stocks in focus:#ClosingBell #ABPLive #MarketWatch pic.twitter.com/XurcAk19s4

— ABP LIVE (@abplive) March 16, 2023

In the broader markets, the BSE Midcap index ended on flat note, while Smallcap index fell 0.7 per cent.

On the sectoral front, metal index shed nearly 3 per cent, while pharma, oil & gas, power, FMCG, realty indices rose 1 per cent each.

In the previous session on Wednesday, the S&P BSE Sensex, which zoomed to a high of 58,474 tracking positive overseas cues, erased gains and plunged to a low of 57,556, down 344 points. On the other hand, the NSE Nifty50 declined 71 points to 16,972.

Domestic equities arrested its five days losing streak after the Swiss National Bank agreed to provide financial aid to the Credit Suisse Group. Nifty opened positive but witnessed a rollercoaster ride throughout the session to finally end with marginal gains of 13 points at 16,986 levels, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

In Asian markets, Shanghai, Tokyo, Hong Kong, and Seoul ended with significant losses. European stock markets marched higher in early trade on Thursday after embattled lender Credit Suisse announced its plans to boost liquidity. Major indices on Wall Street settled on a mixed note in the overnight trade.

Global oil benchmark Brent crude gained 0.76 per cent to $74.25 per barrel.

Foreign Portfolio Investors (FPIs) offloaded shares worth Rs 1,271.25 crore on Wednesday, according to exchange data.

Meanwhile, the rupee fell for the fourth day in a row on Thursday and depreciated by 12 paise to 82.77 (provisional) against the US dollar amid mixed global equity market cues and foreign fund outflows.

Traders said positive sentiments in the domestic equity market and weaker dollar, however, resisted the decline in the Indian currency.

At the interbank foreign exchange, the domestic unit opened lower at 82.77 against the dollar. It traded between 82.60 and 82.80 levels, and settled at 82.77 (provisional) against the American currency, registering a fall of 12 paise against its previous close.

This is the fourth consecutive day of decline in the rupee. On Wednesday, the rupee settled at 82.65 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.25 per cent to 104.38.