The benchmark BSE Sensex and Nifty closed marginally higher in a volatile session on Tuesday as gains in power, auto and energy stocks helped the indices extend gains for a fifth straight day.
The 30-share BSE benchmark closed 20.86 points or 0.04 per cent higher at 58,136.36 with 16 of its constituents ending in the red. The index opened lower due to profit booking by investors after sharp gains in the four-day rally.
The barometer declined by 370 points to hit a low of 57,744.70 amid losses in global equities following worries over tensions between the US and China in afternoon trade.
Stocks made a recovery due to buying in select banking, oil and gas, power, FMCG and auto stocks in the fag-end, with Sensex rebounding 583 points from the day's low to touch 58,328.41. The broader NSE Nifty ended at 17,345.45, up 5.40 points or 0.03 per cent as 24 of its stocks advanced. It touched a high of 17,390.15 points and a low of 17,215.85 amid volatility. Among Sensex constituents, IndusInd Bank rose the most by 2.59 per cent. Asian Paints, NTPC, Maruti, Hindustan Unilever, State Bank of India, Mahindra & Mahindra and Power Grid were among the major gainers.
However, Tech Mahindra, HDFC, Larsen & Toubro, Tata Steel and HDFC Bank were the biggest laggards. "Global indicators did not favour bulls, with most markets trading lower over concerns of rising geopolitical tension . Additionally, economic data point to a decrease in demand, major markets throughout the world are trading with recessionary fears," said Vinod Nair, Head of Research at Geojit Financial Services.
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