Stock Market: Sensex Rises 92 Points; Nifty Tops 19,800 Amid Volatility. IT, Power Gains; Banks, Metals Drag

Stock update: On the 30-share Sensex platform, NTPC, Infosys, PowerGrid, Titan, ITC, TechM emerged gainers. On the downside, IndusInd Bank, Kotak Bank, M&M, JSW Steel, Maruti, SBI quoted lower

The two key equity benchmarks, Sensex and Nifty, on Wednesday closed marginally higher on subdued global cues amid volatility. The BSE Sensex, which hit a high of 66,063 and a low of 65,665, closed with a nominal gain of 92 points at 66,023. On the other hand, the NSE Nifty50 settled at 19,811, up 28 points, reclaiming the 19,800 level.

On the 30-share Sensex platform, NTPC, Infosys, PowerGrid, Titan, ITC, TechM emerged gainers. On the downside, IndusInd Bank, Kotak Bank, M&M, JSW Steel, Maruti, SBI quoted lower.

A total of 1,581 shares gained, 1,981 shares declined, while 133 shares remained unchanged.

In the broader markets, the BSE Midcap index jumped 0.3 per cent, while the SmallCap ended lower by 0.6 per cent.

In the IPO section, Tata Technologies was subscribed 5.5 times as of 3:30 PM backed by all-round demand, while Gandhar Oil Refinery was subscribed 4.4 times on Day 1 of the offer period itself.

Sectorally a mixed trend can be seen, with bank, metals, and realty slipped 0.5 per cent each. IT, capital goods, oil & gas, power, healthcare, and FMCG rose 0.3-1 per cent.

In the previous session on Tuesday, the S&P BSE Sensex climbed 276 points to close at 65,931. On the other hand, the NSE Nifty50 settled at 19,783, up 89 points.

"Despite the US Fed adopting a cautious stance in its minutes and refraining from indicating a rate cut, the market recovered from the day’s correction and ended with mild gain. On the other hand, the broad market witnessed some profit-booking as investors' focus shifted to the primary market, marked by a set of IPOs scheduled for this week. However, the undercurrent is positive, with a cooling of inflation and an easing US bond yield supporting a short- to medium-term rally," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Seoul and Tokyo settled in the green, while Shanghai and Hong Kong ended lower. Europan markets were trading mostly with gains. The US markets ended in negative territory on Tuesday.

Global oil benchmark Brent crude declined 0.46 per cent to $82.07 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 455.59 crore on Tuesday, according to exchange data.

Meanwhile, Indian rupee consolidated in a narrow range and settled lower by 3 paise at 83.31 (provisional) against the US dollar on Wednesday, tracking a strong American currency overseas. Forex traders said a muted trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency.

At the interbank foreign exchange market, the local unit opened at 83.31 and touched a low of 83.34 against the greenback. It finally settled at 83.31 (provisional) against the dollar, registering a fall of 3 paise from its previous close. On Tuesday, the rupee recovered from its all-time low to settle 10 paise higher at 83.28 against the US dollar.