Mumbai:Benchmark indices Sensex and ticked higher for the second straight session on Wednesday, buoyed by buying in bellwether stock Reliance Industries, Zomato and Kotak Bank amid a largely firm trend in global markets. However, elevated crude oil prices in the international markets and buying by foreign investors weighed on market sentiment, traders said.
The 30-share BSE index climbed 224.45 points or 0.29 per cent to close at 76,724.08. During the day, it jumped 491.42 points or 0.64 per cent to 76,991.05. As many as 2,150 stocks advanced while 1,806 declined and 108 remained unchanged on the BSE. The NSE Nifty advanced 37.15 points or 0.16 per cent to 23,213.20.
"The domestic market continues to be volatile on account of elevated US bond yields, strengthening dollar, and increasing FIIs outflows. Global markets are cautious ahead of the US December CPI inflation data, which is anticipated to be in the elevated range in the short term, limiting the US Fed’s ability to cut rates.
"Also, a rise in oil prices and dollar appreciation is likely to affect domestic inflation in the near future," Vinod Nair, Head of Research, Geojit Financial Services, said. From the Sensex blue-chip pack, Zomato jumped over 4 per cent. NTPC, Power Grid, Kotak Mahindra Bank, Maruti, Tech Mahindra, Larsen & Toubro, Reliance Industries and Adani Ports were the other big gainers.
Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, Axis Bank and Tata Motors were among the laggards. The BSE smallcap gauge climbed 0.34 per cent, and the midcap index went up by 0.11 per cent. Among BSE sectoral indices, utilities jumped 2.45 per cent, power (1.75 per cent), realty (1.58 per cent), services (0.98 per cent), BSE Focused IT (0.74 per cent) and consumer discretionary (0.62 per cent).
Auto, oil & gas, FMCG and healthcare were the laggards. "Markets traded in a subdued manner and ended marginally higher, extending Tuesday's trend. The market seems to be pausing as recovery attempts face resistance, though select heavyweight stocks are limiting the downside. Investors are now closely eyeing earnings from Reliance, Infosys, and Axis Bank for directional cues," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
In Asian markets, Hong Kong settled in the positive territory, while Seoul, Tokyo and Shanghai ended lower. European markets were quoting higher. US markets ended mostly higher on Tuesday. The rupee settled with a gain of 13 paise at 86.40 (provisional) against the US dollar on Wednesday. Global oil benchmark Brent crude climbed 0.38 per cent to USD 80.22 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,132.26 crore on Tuesday, according to exchange data. In the previous session, the BSE benchmark rose 169.62 points or 0.22 per cent to settle at 76,499.63. The Nifty climbed 90.10 points or 0.39 per cent to 23,176.05.
