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Sensex, Nifty Eke Out Slim Gains Amidst Market Rebound

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By Rediff Money Desk, MUMBAI   Jan 09, 2024 17:04

Indian equity benchmarks Sensex and Nifty closed moderately higher on Tuesday despite a fag-end sell-off. Investors took profits ahead of corporate earnings and macroeconomic data releases.
Sensex, Nifty Eke Out Slim Gains Amidst Market Rebound
Illustration: Uttam Ghosh/Rediff.com
Mumbai, Jan 9 (PTI) Equity benchmark indices Sensex and Nifty on Tuesday closed moderately higher after a fag-end sell-off minimised the handsome gains posted in early trading.

Besides, investors opted for profit-taking ahead of the start of corporate earnings season and macroeconomic data announcements later this week, traders said.

After rising sharply during the day, the 30-share BSE Sensex trimmed most of the gains during the fag-end trading and ended marginally higher by 30.99 points or 0.04 per cent at 71,386.21. During the day, it jumped 680.25 points or 0.95 per cent to 72,035.47.

The Nifty also gave up most of the intra-day gains and closed 31.85 points or 0.15 per cent up at 21,544.85. During the day, it climbed 211.45 points or 0.98 per cent to 21,724.45.

"Markets witnessed a roller coaster ride on Tuesday and ended almost flat, in continuation to the prevailing consolidation phase. Firm global cues triggered a gag-up start in Nifty, which further strengthened with renewed buying in select heavyweights however a sharp cut in the latter half trimmed the gains," said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

Larsen & Toubro was the biggest gainer on the Sensex chart, rising 1.55 per cent, followed by Bharti Airtel, HCL Tech, Tata Motors, Sun Pharma and Tata Steel.

On the other hand, Nestle, Asian Paints, Bajaj Finserv, HDFC Bank and Axis Bank were among the laggards.

In the broader market, the BSE smallcap gauge climbed 0.37 per cent, and the midcap index rose 0.07 per cent.

Among the sectoral indices, realty jumped 2.52 per cent, power rallied 1.10 per cent, auto (1.02 per cent), healthcare (0.90 per cent), capital goods (0.89 per cent) and consumer discretionary (0.68 per cent).

In contrast, FMCG, telecommunication, bankex and consumer durables were the losers.

"Positive sentiments in the Indian IT sector, fuelled by a US tech rally and demand on emerging technologies, overshadowed the anticipated muted Q3 results of the sector.

"Market optimism about potential softening of US inflation is driving expectations of near-term rate cuts, bolstering overall sentiment. But in-between profit-booking is emerging due to mixed cues from Asian markets as well as high valuation concerns," said Vinod Nair, Head of Research, Geojit Financial Services.

In Asian markets, Tokyo and Shanghai settled higher, while Seoul and Hong Kong ended lower.

European markets were trading mostly lower. The US markets ended with significant gains on Monday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 16.03 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 1.72 per cent to USD 77.43 a barrel.

The BSE benchmark tanked 670.93 points or 0.93 per cent to settle at 71,355.22 on Monday. The Nifty declined 197.80 points or 0.91 per cent to 21,513.
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