Sensex rises for 2nd session, ends 142 pts higher; Nifty around 17,900

The 30-share BSE benchmark Sensex advanced 142 points or 0.23% to settle at 60,806. The broader NSE Nifty rose 22 points or 0.12% to end at 17,893.

From the Sensex pack,

, , , , and rose 1.5-2.5% each. L&T, , , , and also closed in the green.

On the other hand,

, , , , , and ended with cuts.

Sectorally, Nifty Metal fell 1.58% and Nifty Auto declined 0.61%. However, Nifty IT and Nifty Financial Services closed higher. In the broader market, Nifty Midcap50 increased 0.21% and Smallcap50 surged 0.19%.

“Following the shaky closing of the US markets, domestic markets traded close to the flatline as more Fed speakers echoed Powell’s aggressive remarks. While FII selling continued to lower investor confidence, significant support from DIIs provided the domestic market a comforting cushion,” Vinod Nair, Head of Research at Geojit Financial Services, said.

“Investors need to adopt value buying as a strategy. Due to a decrease in valuation near long-term averages, smallcap companies are looking appealing over the long term,” Nair suggested.Global Markets
Shares were mixed on Thursday in Asia after Wall Street gave back some of its recent gains on persisting uncertainty over interest rates and inflation.

Tokyo’s Nikkei 225 fell 0.1% to 27,584 and the Kospi in Seoul was little changed at 2,483. Hong Kong’s Hang Seng index gained 1.3% to 21,557, while the Shanghai Composite index advanced 1% to 3,266.
UK’s FTSE 100 hit an all-time high on Thursday, buoyed by a slate of upbeat earnings and merger talks tied to Standard Chartered. The blue-chip FTSE 100 rose 0.7% to touch a record high of 7,943, while the midcap FTSE 250 index inched up 0.1%.

Currency Watch
The Indian rupee ended little changed to the US currency on Thursday, as the dollar index’s decline helped the South Asian unit recover earlier losses. The rupee closed at 82.51 vs the dollar, compared with 82.49 in the previous session and recovering from a session low of 82.66.

Crude Impact
Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by US oil inventories hitting their highest in months and signs the US Federal Reserve could keep raising interest rates.

Brent crude futures gained 0.41% to $85.39 a barrel, while US West Texas Intermediate (WTI) crude futures inched up 0.42% to $78.73 a barrel. Both benchmarks have gained around 7% so far this week.

(With inputs from agencies)