Markets settle marginally higher on fag-end buying

Equity benchmark Sensex gained 37 points on August 18, tracking gains in index majors Kotak Bank, L&T and Bharti Airtel amid a largely negative trend in global markets.

After a largely choppy session, the 30-share BSE index ended 37.87 points or 0.06% higher at 60,298 after starting the trade on a weak note. During the day, it hit a high of 60,341.41 and a low of 59,946.44.

This is the benchmark’s fifth straight session of gains.

The broader NSE Nifty gained 12.25 points or 0.07% to settle at 17,956.50.

From the Sensex pack, Kotak Mahindra Bank, Larsen & Toubro, Bharti Airtel, UltraTech Cement, Power Grid, IndusInd Bank, State Bank of India and ITC were among the gainers.

On the other hand, Dr. Reddy’s Laboratories, Wipro, Infosys, Mahindra & Mahindra, Axis Bank and Nestle were among the laggards.

In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.

Markets in Europe were trading mixed during mid-session deals. Equities on Wall Street ended lower on Wednesday.

Meanwhile, the international oil benchmark Brent crude was trading 1.41% higher at $94.97 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the Indian capital market as they bought shares worth ₹2,347.22 crore on Wednesday, according to exchange data.

“The Fed minutes suggest a continuation of the hawkish stance and this may slightly impact sentiments in the mother market, US. But this is unlikely to impact the bullish sentiments in India since the return of the FIIs has completely altered the market mood and the bulls are calling the shots now,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.