The benchmark BSE Sensex closed up 224.45 points, or 0.29%, at 76,724.08, while the broader Nifty 50 index gained 37.15 points, or 0.16%, at 23,213.20.
Sector Watch
Financial stocks provided a much-needed boost to the benchmark, with the Nifty Bank and Nifty PSU Bank indices rising 0.1% and 0.2% respectively.
The Nifty Auto Index, however, fell 0.5%, as shares of Mahindra & Mahindra fell nearly 3%, making it one of the top losers on the Nifty 50.
Reliance, the index’s second-largest stock, rose 1.1%, ending a four-session losing streak, and the energy index rose 0.8%.
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Adani Green rose 2.8% to lead the energy index after expanding its renewable generation capacity. After falling 7.3% over the previous four sessions, the energy sector has rallied around 3.7% over the past two sessions.
IT stocks rose 0.8% after falling 3.5% in the past two days, with weak earnings from HCL Technologies and concerns over a lower US rate cut being key factors for the sector.
Among individual stocks, HDFC AMC rose 4.6% to Rs. 641 crores.
Development of Banerdih Coal Block in Latehar District of Jharkhand Rs. Shares of IRFC rose 1.3% after emerging as the lowest bidder (L1) for the Rs 3,167 crore loan.
Take an expert
Vinod Nair, head of research at Geojit Financial Services, said the domestic market continues to be volatile due to rising US bond yields, strengthening dollar and outflow of FIIs.
“Global markets are cautious ahead of US December CPI inflation data, which is expected to remain in an elevated range in the short term, limiting the FED’s ability to cut rates. Also, rising oil prices and dollar appreciation are likely to impact domestic inflation in the near future,” added Nair.
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