NEW DELHI: Indian share market on Thursday closed higher in a volatile session amid mixed global cues and investors adjusting their positions due to monthly F&O expiry. Benchmark index BSE Sensex closed the session at 59,757, up 213 points or 0.36%, while the NSE Nifty 50 settled at 17,767, up 110 points or 0.58%. “Trading session was marked by extreme volatility on the monthly F&O expiry day, but sharp rally in metals, realty and oil & gas stocks helped markets maintain the bullish sentiment seen in the recent trades,” said Shrikant Chouhan, head of equity research for retail at Kotak Securities.
“Investors are positive about the India growth story, which is driving markets higher despite several headwinds on the external front,” he added. Foreign institutional investors bought (net) shares worth Rs 2,818 crore on Thursday, one of the highest figures in recent trading sessions. In the Sensex pack, Tata Steel, Power Grid, Sun Pharma, Bharti Airtel, Titan, Axis Bank, Dr Reddy’s and NTPC were among the major winners. On the other hand, Bajaj Finance, Bajaj Finserv, Asian Paints, Tech Mahindra and Nestle were among the laggards.
The Nifty Metal index added 2.83% on Thursday to 5,977. Steel major Steel Authority of India (up 4.03%), Jindal Steel & Power (up 3.96%), Hindalco Industries (up 3.53%) and Tata Steel (up 2.87%) were the top gainers in the metal pack. FMCG major Dabur India rose 3.50% after it announced acquiring 51% shareholding of Badshah Masala.
“The consolidation in Nifty is on expected lines and we recommend focusing more on sector/stock selection for now. Apart from banking, sectors like auto and selectively pharma, realty and metal are likely to do well in near future. Participants should align their positions accordingly,” said Ajit Mishra, VP - research, Religare Broking.