Sensex, Nifty settle higher amid volatility

The market settled higher amid high volatility, backed by firmness in private sector banks, while weakness in IT pivotals capped further gains. The barometer index, the S&P BSE Sensex, rose 165.87 points or 0.48% to 34,616.64, as per the provisional closing data. The Nifty 50 index rose 29.65 points or 0.28% to 10,614.35, as per the provisional closing data.

Key indices opened higher and extended gains as the session progressed amid high volatility. The Sensex rose 255.94 points, or 0.74% at the day's high of 34,706.71 in late trade. The index rose 14.72 points, or 0.04% at the day's low of 34,465.49 in morning trade. The Nifty rose 52.10 points, or 0.49% at the day's high of 10,636.80 in late trade. The index fell 15.70 points, or 0.15% at the day's low of 10,569 in afternoon trade.

Broader market witnessed selling pressure. Among secondary barometers, the BSE Mid-Cap index provisionally fell 0.02%. The BSE Small-Cap index provisionally fell 0.13%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,479 shares fell and 1,191 shares rose. A total of 147 shares were unchanged.

Reliance Industries (up 3.74%), Yes Bank (up 3.34%), Mahindra & Mahindra (up 2.13%), Adani Ports and Special Economic Zone (up 1.83%) and ICICI Bank (up 1.75%), were the top gainers in the Sensex pack.

Wipro (down 3.22%), Infosys (down 2.53%), Tata Steel (down 1.22%), State Bank of India (down 0.89%) and TCS (down 0.85%), were the major losers in the Sensex pack.

Shares of Reliance Anil Dhirubhai Ambani Group (ADAG) companies slumped. Reliance Communications (down 10.47%), Reliance Power (down 4.31%), Reliance Infrastructure (down 2.07%) and Reliance Capital (down 1.36%), edged lower.

Overseas, most European stocks were trading higher. Asian shares settled mixed with a decline in tech shares and rising US bond yields weighing on investor sentiment. Stocks ended on a mixed note as investors grappled with rising bond yields and a mixed bag of earnings reports.

The closely watched yield on the 10-year Treasury note climbed, settling just below the psychologically important 3% level.

The Chicago Fed national activity index for March declined to 0.10 from 0.98 in February. Preliminary readings of the manufacturing and services purchasing managers' indexes for April showed that IHS Markit flash manufacturing PMI rose to 56.5 in April from 55.6, while the flash reading for services showed a climb to 54.4 in April from 54.

Meanwhile, existing-home sales in the US increased 1.1% in March from the previous month to a seasonally annual rate of 5.60 million.

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