Despite a buoyant start and a subsequent long spell in positive territory, key Indian stock indices slipped into the red in the final hour on Thursday, but still managed to end the day’s session slightly higher, extending their winning streak to a third straight day.
Positive global cues set up a firm start for the market with technology stocks turning in a fine performance. Realty, power, metal, healthcare and utilities stocks also started off on a bright note, but gave up most of their gains as the session progressed.
The benchmark BSE Sensex, which rose to 61,882.25 in early trades, gaining more than 400 points in the process, ended the day with a gain of just 44.42 points or 0.07% at 61,319.51.
The broader Nifty Index of the National Stock Exchange ended up 20.00 points or 0.11% at 18,035.85, nearly 100 points down from the day’s high of 18,134.75.
On the economic front, data released by the Commerce Ministry on Wednesday showed India’s exports dipped to $32.91 billion in January, from $35.23 billion in the same month last year. Trade deficit stood at $17.75 billion in January.
Tech Mahindra rallied 5.6% to a near three-month high. Nestle Industries gained about 1.65% after reporting a 65.5% jump in net profit in the fourth quarter.
NTPC gained more than 1% after the company said it declared commercial operation of third part capacity f 50 MW out of 300 MW Nokhra Solar PV project at Bikaner, Rajasthan.
Tata Steel surged 1.5%. Tata Consultancy Services, Asian Paints and Wipro ended higher by 0.6 to 1.1%.
Hind Unilever, Mahindra & Mahindra, Axis Bank, Bajaj Finance, Tata Motors and HCL Technologies lost 0.5 to 1%.
ONGC, up 5.7%, was the top gainer in the Nifty index. Apollo Hospitals Enterprises climbed 3.4%, while Divi’s Laboratories gained nearly 2%.
Adani Ports, Coal India, Adani Enterprises and Tata Consumer Products also ended notably higher.
BPCL ended 1.65% down. Eicher Motors, HDFC Life, SBI Life and State Bank of India also closed weak.
Patel Engineering climbed about 4% after the company was chosen was projects worth Rs 1,567 crore in Madhya Pradesh and Maharashtra.
The market breadth was positive. On BSE, 1,870 stocks closed higher. 1,586 stocks drifted lower, while 169 stocks settled flat.
Sensex, Nifty Settle Slightly Higher
2023-02-16 11:26:36
