MUMBAI, Sep 10: Indian equity markets staged a modest recovery on Thursday, with the Sensex and Nifty ending higher and breaking a three-session losing streak. Late buying in banking and other heavyweight stocks helped the benchmarks recover from earlier losses.
The Sensex gained 138.36 points, or 0.19 per cent, to close at 74,902.59, while the Nifty 50 advanced 46.30 points, or 0.20 per cent, to settle at 23,477.80.
Banking stocks provided important support during the session, with gains in major names including HDFC Bank and Axis Bank helping improve market sentiment. Power, infrastructure and select metal stocks also witnessed buying interest.
The recovery came after a highly volatile session in which the benchmarks remained under pressure for much of the day. Strong buying during the closing auction helped the indices move firmly into positive territory.
However, investors remained cautious as geopolitical tensions continued to keep crude oil prices elevated. Brent crude moved above $100 a barrel, raising concerns over India’s import bill, inflation and pressure on the rupee.
Foreign portfolio investors remained cautious, selling Indian equities worth around Rs 583 crore, while domestic institutional investors bought shares worth about Rs 1,509 crore.
The rupee also remained under pressure, closing around Rs 95.44 against the US dollar, as higher crude prices and global uncertainty weighed on sentiment.
Thursday’s recovery provided some relief after three consecutive sessions of losses. However, investors are likely to remain watchful of crude oil prices, geopolitical developments, global interest rates and foreign fund flows, which could continue to influence market direction in the near term.
