The Sensex and Nifty found firmer ground as investors accumulated energy, infra and IT stocks amid a mixed trend in overseas markets.
Clawing back some lost ground after the previous session’s heavy sell-off, the 30-share BSE Sensex ended 142.81 points or 0.24 percent higher at 59,744.65. Similarly, the broader NSE Nifty rose 66.80 points or 0.38 percent to close at 17,812.70. Asian Paints was the top gainer in the Sensex pack, climbing 1.79 per cent, followed by TCS, Nestle India, Ultratech Ce- ment, ICICI Bank, HUL and Reliance Industries.
On the other hand, Bajaj Finserv, M&M, L&T, Bajaj Fi- nance, HDFC, Titan and Bharti Airtel were among the laggards, shedding up to 1.39 per cent. Domestic indices erased early gains following weak cues from global peers as markets globally await the Eurozone inflation rate and US payroll data due later today. Strong appetite for healthcare and consumer durable stocks aided the markets in closing flat with a positive bias.
Although rising Omicron cases and hawkish stance by the US Fed is keeping the market volatile, hopes of a favourable earnings season and FIls switching to net buyers is pumping in optimism into the market, said Vinod Nair, Head of Research at Geojit Financial Services.
On a weekly basis, the Sensex advanced 1,490.83 points or 2.55 percent, while the Nifty gained .65 points or 2.64 percent.
Ajit Mishra, VP – Research, Religare Broking, said markets are likely to consolidate after the recent surge and it would be healthy. Volatility is likely to remain high, citing mixed global cues and COVID related updates. Besides, upcoming macroeconomic data (IIP, CPI, and WPI) and the beginning of the earnings season could further add to the choppiness.