In a lacklustre day of trade, the 30-share pack Sensex swung to gains in the final hour to settle 16.17 points higher at 53,177.45. Its broader peer, Nifty50, recovered nearly 140 points from the day’s low and settled 18.15 points higher, above the 15,800 mark.
“While the confluence of factors like war, oil and currency strength of India tempted FIIs to book profits on the back of premium valuations relative to its peers, the narrative could likely change if any of the above factors were to alter going forward,” said S Ranganathan, Head of Research at
.
30 of Nifty50 stocks rose while 20 settled lower. Among them, was the top gainer, rising 5 per cent, followed by , , M&M and , rising around 2 per cent each. On the other hand, fell 3 per cent and , Bajaj twins, and Divis Lab were also amongst the top laggards.
Most sectoral indices settled with a positive bias, with Nifty Oil and Gas index rising 2 per cent, most among peers. “Upstream companies are currently benefited by higher spot prices of oil, leading to strong earnings, while refiners are benefited from higher GRMs,” said Vinod Nair, Head of Research at
In a rather range-bound trading session today as deliberations of the GST council get underway, autos displayed strength yet again on the back of new launches ahead of their monthly numbers, Ranganathan added.
More to come…
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