Buying was seen in auto, banks, metal and pharma names, while a slide in tech stocks, as companies are scaling down variable pay due to margin pressure, capped gains.
After a 2-day hiatus and opening in the red, the 30-share pack Sensex recouped losses to settle 257.43 points higher at 59,031.30. Its broader peer, Nifty50, advanced 86.80 points to end above the 17,550 mark.
The Nifty IT index was the worst sectoral performer with and falling over 2 per cent each. , also fell over 1 per cent.
, and were the top gainers after a volatile session, rising between 2.5-4 per cent.
“Fear of uncertainty is visible in the market as they move with high volatility, led by weak signals from global peers, while a stronger domestic economy is providing some comfort,” said Vinod Nair of
. Sectorally, except for Nifty IT, all sectoral indices ended the session in the black. Nifty PSU Bank outperformed peers, rising over 2 per cent. Nifty bank and auto advanced 1 per cent and 1.8 per cent each, while metal and pharma also settled with decent gains.
The overall sentiment across markets remains bearish, as traders await Fed chair Jerome Powell’s speech at the central bank’s annual Jackson Hole economic symposium on Friday. Asian shares fell for a sixth straight session after a renewed spike in European energy prices stoked recession fears.
M&M shares jumped over 4 per cent after Nomura saw a 23 per cent upside in the stock. NMDC ended 6 per cent higher after reports said the MCA is likely to approve NMDC Nagarnar steel plant demerger this week.
Broader markets outperformed benchmarks, with both midcap and smallcap indices rising over 1 per cent each.
About 2,111 shares advanced, 1,282 shares declined, and 156 shares were unchanged.
Meanwhile, the rupee depreciated 4 paise to close at 79.88 (provisional) against the US dollar, tracking a strong American currency in the overseas market and rising crude oil prices.
More to come…