Sensex, Nifty close higher amidst volatile trade

Market opens mildly up gives up initial gains immediately

Brent crude futures surged more than 3 per cent on Tuesday to their highest since late 2014, leading to a selloff in shares of oil marketing companies.

On the macro front, domestic market is reversing from the support level in expectation of pick up in Q4 earnings and further moderation in (March) CPI inflation to 4.2 per cent against 4.44 per cent in the previous month, Nair added. 30-share BSE Sensex gained 60.19 points to close at 33,940.44 while the broader 50-share NSE Nifty finished at 10,417.15, up 14.90 points.

At around 9.25 am, the NSE Nifty50 gained 34.40 points or 0.33 per cent to 10,413.75 points.

On Tuesday, foreign institutional investors sold scrips worth Rs 684.99 crore, while the domestic institutional investors purchased stocks worth Rs 653.65 crore, provisional data with the exchanges showed.

Sensex, Nifty close higher amidst volatile trade

Axis Bank took the top spot among Sensex components, up 5.43 per cent, after its CEO and Managing Director Shikha Sharma's tenure was shortened. Stocks of oil marketing companies such as HPCL, BPCL and International Olympic Committee reeled under pressure and fell up to 1.07 per cent. Banking stocks, led by private lenders, succumbed to profit-booking after recent gains.

On the other hand, Oil & Natural Gas Corporation (1.83%), Tata Consultancy Services (1.34%), Sun Pharmaceutical Industries (1.06%), Infosys (0.62%), Wipro (0.53%) and Reliance Industries (0.52%) were the biggest gainers in the Sensex.

Globally, Asian markets ended higher. The Cash Market Benchmark Index Small Cap made a high of 8272 and closed at 8215 after making a low of 8175.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.35 per cent higher.

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