Sensex and Nifty opened higher on Thursday but soon slipped into the red due to selling in services and consumer durables stocks. IT and auto shares offered support, while Asian markets rallied. FIIs and DIIs remained net buyers, and Brent crude edged higher
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Equity benchmark indices Sensex and Nifty on Thursday began the trade on a positive note. However, it did not sustain the momentum for long. Soon the indices turned red, amid selling pressure in services and consumer durables stocks.
As reported by news agency PTI, the 30-share BSE Sensex climbed 245.11 points, or 0.29 per cent, to 83,979.36 in early deals. Whereas, the NSE Nifty went up by 65.95 points, or 0.25 per cent, to 25,885.30.
However, both the benchmark indices, after gaining early momentum, soon started to deteriorate, with the Sensex quoting 131.07 points lower at 83,603.18 and the Nifty down 30.70 points at 25,788.65.
Among the Sensex constituents, IndiGo, Asian Paints, Adani Ports, Bharat Electronics Ltd, ITC, Trent, Larsen & Toubro, Kotak Mahindra Bank, Axis Bank, PowerGrid, Reliance Industries, and Bajaj Finance were the top losers.
IT and auto stocks gains in early trade
On the other hand, Infosys, HCL Technologies, Tata Consultancy Services, Tech Mahindra, Maruti Suzuki India, Hindustan Unilever, State Bank of India, Bharti Airtel and NTPC were trading in the green territory during the early hours of Thursday.
Asian market jumps 3 per cent
On the contrary, in Asian markets, South Korea's Kospi jumped 3 per cent, and Japan's Nikkei 225 index gained nearly 1 per cent. Whereas, the markets in Hong Kong and mainland China remained closed for Lunar New Year holidays. However, the US equities market closed higher in overnight deals on Wednesday.
FIIs and DIIs
As reported by PTI, foreign institutional investors bought equities worth Rs 1,154.34 crore on Wednesday, while domestic institutional investors were also the net buyers of stocks worth Rs 440.34 crore, according to exchange data.
Whereas in the commodity market, Brent Crude, the global oil benchmark, rose 0.37 per cent to USD 70.61 per barrel.
On Wednesday, the 30-share BSE Sensex jumped 283.29 points to settle at 83,734.25, while the broader NSE Nifty gained 93.95 points to close at 25,819.35.
Gold and Silver prices on rise
Gold and silver prices continued to rise for a second consecutive session on Thursday amid rise in geopolitical tensions, cautiousness of the US Federal Reserve stand and withdrawal of additional margins on gold and silver futures in domestic market.
(With inputs from PTI)
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