Sensex, Nifty rise amid volatile trading

Business Business: Indian stock markets closed in the positive territory on Wednesday, with benchmark indices trading higher despite some volatility during the day. The Sensex hit a high of 82,021 during the day but later retreated slightly to close at 81,596.63, up 410.19 points or 0.51 per cent. The Nifty also closed the day higher at 24,813.45, up 129.55 points or 0.52 per cent. “The indices were caught in a tug of war between bulls and bears, ending the day on a volatile and directionless note,” said Sunder Kewat of Ashika Institutional Equities. “Meanwhile, consumer durables, private banks and media stocks came under pressure, weighing on the overall sentiment,” he added. On the Nifty options front, significant ‘call OI buildup’ was witnessed at 25,000 strike, while the highest open interest was seen on the put side at 24,700 and 24,000. Most stocks in the Sensex performed well, led by Bajaj Finserv, Tata Steel, Tech Mahindra, Sun Pharma and Bajaj Finance, which saw their share prices rise up to 2.02 per cent.

On the other hand, the biggest losers included Indusind Bank, Kotak Mahindra Bank, Power Grid Corporation, ITC and UltraTech Cements, which lost up to 1.87 per cent. The midcap and smallcap segments also performed well, as the Nifty Midcap 100 index rose 0.78 per cent and the Nifty Smallcap 100 rose 0.38 per cent. Sector-wise, all major indices on NSE except consumer durables closed in the green.

Realty and pharma sectors led the gains, with the Nifty realty index rising 1.72 per cent and the pharma index rising 1.25 per cent. However, the fear index, India VIX, which measures market volatility, rose 0.93 per cent to 17.55 points. Vinod Nair of Geojit Investments Ltd said, “The market showed a broadly positive trend today; however, the overall sentiment remained range bound, indicating the risk of a “sell on a rally” strategy in the near term amid rising uncertainty around India-US trade talks.”