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Benchmark indices were trading marginaly higher during the afternoon on Wednesday amid volatility. Market opened on a positive note amid positive global cues but turned volatile post opening. Indices were trading higher during the afternoon, led by oil & gas, pharma and auto stocks.
At 1 pm, the BSE Sensex was trading at 58,251.35, up 109.3 points or 0.19 per cent. It recorded an intraday high of 58,467.04 and a low of 57,780.28. The Nifty 50 was trading at 17,399.05, up 46.60 points or 0.27 per cent. It recorded an intraday high of 17,450.00 and a low of 17,257.70.
Adani Ports, M&M, Divi’s Lab, IOC and Grasim were the top gainers on the Nifty 50 while Eicher Motor, Ultratech Cement, ICICI Bank, NTPC and State Bank of India were the top laggards.
Gaurav Garg, Head of Research, Capitalvia Global Research Ltd, said, “Market investors remained cautious after the previous session’s surge, keeping an eye on the Ukraine situation, as Indian indices bounced back after a drop in the market. Traders were concerned after official statistics revealed that during the first eight months of the current fiscal year, exports from special economic zones (SEZs) expanded at a slower rate than overall outbound shipments from the country.”
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, investors are likely to remain cautions with the impending Fed tightening that will continue impacting markets until US inflation shows a declining trend.
“This is likely to keep FIIs on the sell mode for some more time. An important takeaway from the capital flows and market trends is that FII selling is not impacting the market as much as it used to in the past. DIIs and retail investors have been absorbing FII selling and are now a force to reckon with in the market. A discrepancy in the market now is that some high quality financials, which are largely FII owned, have become attractively valued,” Dr Vijayakumar said.
On the sectoral front, all indices except Nifty Metal, Nifty Bank and Nifty PSU Bank were in the green. Nifty Metal and Nifty Bank were trading flat, down 0.04 per cent each.
Meanwhile, Nifty Realty recorded the highest gains and was up 1.89 per cent. Nifty Pharma and Nifty Healthcare Index were up 075 per cent and 0.55 per cent, respectively. Nifty Oil & Gas was up 0.79 per cent. Nifty Consumer Durables was up 0.85 per cent. Nifty IT was up 0.40 per cent while Nifty Auto was up 0.37 per cent.
Broader indices weretrading in the green. Nifty Midcap 50 was up 0.54 per cent while Nifty Smallcap 50 was up 1.07 per cent. The S&P BSE Midcap was up 0.68 per cent while the S&P BSE Smallcap was up 1.05 per cent. The volatility index softened 2.48 per cent to 20.10.
Published on February 16, 2022
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