Stock Market Today: Sensex Rises Marginally; Nifty Around 21,650 Amid Volatility. Reliance Gains 2.5%

Stock update: On the 30-share Sensex platform, Reliance Industries gained 2.58 per cent. Axis Bank, UltraCemco, IndusInd Bank, PowerGrid, Tata Motors were among the gainers

The two key equity benchmarks, Sensex and Nifty, on Thursday closed marginally higher after encountering volatility in late afternoon trade. The S&P BSE Sensex, which, touched a high of 71,999, closed 63 points higher at 71,721. On the other hand, the NSE Nifty50 settled at 21,647, up 29 points.

On the 30-share Sensex platform, Reliance Industries gained 2.58 per cent. Axis Bank, UltraCemco, IndusInd Bank, PowerGrid, Tata Motors were among the gainers. On the down side, Infosys, HUL, Wipro, L&T, JSW Steel, Nestle emerged losers. Among individual stocks, Polycab India hit the 20 per cent lower circuit at Rs 4,176 on reports that the I-T department detected "unaccounted cash sales" of about Rs 1,000 crore from its recent raids.

About 2022 shares advanced, 1251 shares declined, and 63 shares unchanged.

In the broader market, the BSE MidCap and SmallCap indices were seen holding gains of around 0.5 per cent each.

Sectorwise, BSE Capital Goods index dropped 1 per cent and BSE IT index slipped 0.5 per cent, while BSE auto and oil & gas indices rose 1 per cent each.

In the previous session on Wednesday, the BSE benchmark closed 272 points higher at 71,658, while the NSE Nifty50 advanced 74 points to 21,619.

"In anticipation of inflation data from the US, the Indian market exhibited range-bound trade. Though investors anticipate US inflation to ease, global markets, expecting a CY24 interest rate cut, have already priced in optimism. Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations," said Vinod Nair, Head of Research, Geojit Financial Services.

In Asian markets, Tokyo, Shanghai, and Hong Kong settled with gains, while Seoul ended lower. European markets were trading higher. The US markets ended in the positive territory on Wednesday.

Global oil benchmark Brent crude climbed 1.56 per cent to $78 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,721.35 crore on Wednesday, according to exchange data.

Meanwhile, the rupee settled on a flat note with a loss of just 1 paisa at 83.04 (provisional) against the dollar on Thursday on the back of strengthening American currency and sharp rise in crude oil prices. The domestic currency broke its six-day gaining streak despite positive equity market sentiment, as foreign funds outflow dented sentiments.

At the interbank foreign exchange market, the local unit opened at 83.05 and traded between the peak of 82.93 and the lowest level of 83.08 against the greenback during the intra-day deals. It finally settled at 83.04 (provisional) against the dollar, down by just 1 paisa over its previous closing level.