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share market | Sensex up 160 points in volatile trade

Sensex

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Mumbai: The BSE Sensex gained 160 points on Thursday in volatile trading. Buying in select banks and auto stocks kept the market higher amid a mixed trend globally. The 30-share Sensex closed at 62,570.68 points with a gain of 160 points. It started with a decline but later it picked up and at one stage it went up to 62,633.56 points.

In Sensex stocks, 13 were in profit while 17 were in loss. The National Stock Exchange’s Nifty also closed at 18,609.35 points with a gain of 48.85 points. Of the 50 Nifty stocks, 27 ended with losses. Axis Bank, IndusInd Bank, ICICI Bank, State Bank of India, L&T, Infosys, Mahindra & Mahindra and Maruti were major gainers in the Sensex pack.

On the other hand, Sun Pharma declined the most by 3.57 per cent. The company’s stock came down after the US Drug and Food Administration (USFDA) put the company’s Gujarat-based Halol factory on the import caution list and banned exports from the plant to the US market. Besides this, other losers included PowerGrid, TCS, Nestle India, Wipro, Kotak Bank and Bajaj Finance.

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Vinod Nair, Head of Research, Geojit Financial Services, said, “After hitting record highs, the domestic equity market is witnessing a lot of volatility. The reason for this is the decline in the global markets due to economic slowdown and the possibility of increasing the policy rate of the Federal Reserve. Fears of recession affected shares of IT and pharmaceutical companies. At the same time public sector banks continued to support the market.

He said, “This volatility in the global market may remain as the market awaits the monetary policy and inflation data of the Federal Reserve in the US to be released next week.” Global markets were mixed ahead of the release of US unemployment data on Thursday.

In other Asian markets, China’s Shanghai Composite Index, Japan’s Nikkei and South Korea’s Kospi ended with losses, while Hong Kong’s Hangseng remained firm. European markets also showed a mixed trend in early trade. Meanwhile, Brent crude oil gained 28 cents to trade at 77.45. According to the stock market data, foreign institutional investors remained sellers. He sold shares worth Rs 1,241.87 crore on Wednesday. (agency)

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