Stock Market Highlights: Nifty, Sensex Snap Three-Day Losing Streak; Defence Stocks Outperform
The NSE Nifty 50 closed 129.55 points, or 0.52% higher at 24,813.5 and the BSE Sensex ended 410 points, or 0.51% up at 81,596.
The benchmark equity indices closed higher, breaking a three session losing streak on Wednesday, amid volatility in the domestic stock markets.
The NSE Nifty 50 closed 129.55 points, or 0.52% higher at 24,813.5 and the BSE Sensex ended 410 points, or 0.51% up at 81,596. During the day, the Nifty gained 1.06% to 24,946, while the Sensex declined 1.03% to 82,021.
"The market witnessed significant volatility throughout the session. After a strong start, the index extended its gains but faced stiff resistance around the 24,950 level. This led to a sharp decline that wiped out most of the early gains. However, a gradual recovery from the lower levels helped the index to close the day at 24,813.45, with gains of 129.55 points," said Aditya Gaggar, director of Progressive Shares.
Shares of Bharat Electronics Ltd., Tata Steel Ltd., Cipla Ltd., and Bajaj Auto Ltd. contributed positively to changes in the Nifty 50.
While those of IndusInd Bank Ltd., JSW Steel Ltd., Kotak Mahindra Bank Ltd., and Power Grid Corp. were among the biggest laggards.
In terms of points contribution, HDFC Bank Ltd., Bharat Electronics Ltd., and ICICI Bank Ltd. led the gains in the index.
Kotak Mahindra Bank Ltd. and ITC Ltd. dragged the index the most.
On the NSE, all sectoral indices closed the trading session in green, with the Nifty Defence, Realty and Pharma being the biggest gainers.
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In the broader market, the BSE MidCap and SmallCap outperformed BSE Sensex as they gained 0.95% and 0.53%, respectively.
The market breadth was skewed in the favour of buyers, as 2,295 stocks advanced, 1,668 declined and 135 remained unchanged on the BSE.
