Sensex jumps 225 points in early trade; turns choppy later
The Sensex jumped 225 points in early trade on Wednesday but later pared all the initial gains as volatility emerged amid mixed trends from Asian markets.
The 30-share BSE benchmark Sensex jumped 225.08 points to 55,791.49 in early trade. The broader NSE Nifty also climbed 64.65 points to 16,649.20.
Both the benchmark indices later pared the gains to trade flat. The Sensex traded 64.36 points lower at 55,502.05, while the Nifty quoted flat, just 2.20 points higher at 16,586.75.
From the Sensex pack, Asian Paints, NTPC, Hindustan Unilever, Tata Steel, ITC, Tech Mahindra, Titan, Maruti and M&M were the lead gainers.
In contrast, Dr Reddy’s, Sun Pharma, Power Grid, Wipro and UltraTech Cement were among the laggards.
The Sensex went lower by 359.33 points or 0.64 per cent to settle at 55,566.41 on Tuesday. The Nifty declined 76.85 points or 0.46 per cent to end at 16,584.55.
Elsewhere in Asia, markets in Shanghai and Hong Kong were trading lower, while Tokyo quoted with gains.
Stock markets in the US had ended lower on Tuesday.
Meanwhile, international oil benchmark Brent crude jumped 0.96 per cent to USD 122.84 per barrel.
Foreign institutional investors offloaded shares worth Rs 1,003.56 crore on Tuesday, as per stock exchange data.
“A clear trend is unlikely to emerge in the market in the near-term. At lower levels DIIs and retail investors will buy, pushing the market up; at higher levels FPIs will sell, pushing the market down. The dominant factor determining the market trend, globally, will be inflation and how far central banks, particularly the Fed, will go in hiking rates to contain inflation,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
