Last Updated: April 13, 2023, 15:55 IST
The S&P BSE Sensex bounced back 349 points from the day’s low to end at 60,431, up 38 points or 0.06 per cent. The Nifty50, too, scalped gains of 16 points to settle at 17,828.
Late buying in financial stocks catapulted benchmark indices into the positive territory on Thursday, with IndusInd Bank, Bajaj Finserv, Axis Bank, Kotak Bank, Bajaj Finance, ICICI Bank rising up to 3 per cent. Besides, gains in Power Grid, Tata Motors, SBI, Asian Paints, and ITC, too, supported the sentiment.
That said, selling pressure in IT counters capped gains in the frontline indices. Infosys, Tech M, HCL Tech, and TCS fell between 1.5 per cent and 3 per cent today.
In the broader markets, the BSE MidCap and SmallCap indices outran their large-cap peers with gains of up to 0.3 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Indian shares experienced a downturn, weighed down by IT stocks following weak quarterly earnings and a cautious outlook from the top IT firm, which flagged apprehensions over deferred spending and uncertainty in its BFSI segment. The decrease in CPI inflation to 5.66% in India, coupled with the moderation of core inflation, supports the decision of the MPC to keep policy rates on hold. While US inflation cooled to 5.0%, anxieties grew globally after the FOMC minutes hinted at a possible “mild recession” due to the impact of banking turmoil.”
Markets will remain shut on Friday on account of Ambedkar Jayanti
Global Cues
Overnight in the US, the Dow and S&P500 declined 0.11 per cent and 0.4 per cent, respectively, while the Nasdaq fell 0.85 per cent.
Asian indices edged lower in early trade this morning with Hang Seng dropping 2 per cent. Nikkei, S&P/ASX 200, and Straits times also fell up to 0.3 per cent.
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