Sensex 84 centimeters higher after choppy trade; IT shares rally

The equity benchmark Sensex ended 84 points higher after a volatile session on Thursday as concerns over rising coronovirus infections and consequent restrictions across the country kept investors on edge.

The 30-share BSE index rose 84.45 points or 0.17% to close at 49,746.21. The broader NSE Nifty rose 54.75 points or 0.37% to 14,873.80.

Ultratech Cement topped the Sensex pack by 4%, followed by Titan, Tech Mahindra, Nestle India, TCS, Bajaj Finserv and L&T.

On the other hand, IndusInd Bank, ONGC, Sun Pharma, HDFC Bank and Axis Bank lagged behind.

Binod Modi, head-strategy at Reliance Securities, said that despite trading positively for most of the domestic session, a large chunk of profit was left out at the end of the day due to concerns over growing cases of Covid-19. .

Financials saw profit-booking and pulled the market. Except for the financial index, most of the major sectoral indices remained outperformers with the metal index trading in green.

“Expectations of stable 4QFY21 earnings and dilution continued to attract investor interest towards IT shares,” he said.

He said that in recent times, the market has got some relief due to bond yields and softening of crude oil prices. The sharp depreciation of the rupee in the last few days may be a matter of new concern for investors, which may also have an impact on the flow of FPIs.

Elsewhere in Asia, nutrition ended on a positive note in Shanghai, Hong Kong and Seoul, while Tokyo was in the red.

Stock exchanges in Europe were largely traded in mid-session deals.

Meanwhile, global oil benchmark Brent crude was trading 0.44% down at $ 62.88 a barrel.