Nifty, Sensex end higher for 5th day despite weak global cues

The 30-share Sensex ended 95.71 points higher at 59,203, while its broader peer Nifty50 ended above the 17,550 level.

Among Sensex stocks,

, , , , and were the top gainers in today’s trading session, rising around 1.5-2%. ITC, , , and Bharti Airtel also settled higher. However, , , and ended the session with cuts.

Sectorally, the Nifty PSU Bank rose 1.88 per cent and Nifty IT surged 1.33 per cent. While Nifty Pvt Bank and Nifty Financial Services closed lower. In the broader market, Nifty Midcap50 fell 0.42 per cent, while Smallcap50 surged 0.19 per cent.

“The sharp increase in US yield, global market weakness, and unexpected drop in INR promoted selling pressure in the domestic market. Globally, investors expect the Fed to stay aggressive, raising interest rates by 75 basis points in the next two policy sessions, bringing the fed rate as high as 4.50% to 4.75%, by the end of the year,” Vinod Nair, Head of Research at Geojit Financial Services said.

“The strong domestic market, on the other hand, regained its losses as the RBI is expected to be less aggressive as domestic inflation is thought to have peaked. However, FPI inflows are anticipated to remain volatile in the short-term due to elevated US yields,” Nair added.

Earlier in Asian markets, Japan’s Nikkei 225, China’s Shanghai Composite and South Korea’s Kospi plunged 0.92%, 0.31% and 0.86%, respectively.

The Indian rupee today slipped to a record low against the US dollar, before recovering to end the session higher as the Reserve Bank of India (RBI) likely sold dollars to support the sliding local unit. The rupee closed at 82.76 per US dollar, against 83.02 in the previous session. It sank to a lifetime low of 83.26 earlier in the day, prompting the RBI to step in. The market breadth was skewed in favour of bears. About 1,866 stocks declined, 1,567 gained, and 138 remained unchanged.