Markets turn volatile after firm start; services, consumer durables stocks drag

Equity benchmark indices Sensex and Nifty began the trade on a positive note on Thursday but soon turned in the negative territory, amid selling pressure in services and consumer durables stocks.

The 30-share BSE Sensex climbed 245.11 points, or 0.29 per cent, to 83,979.36 in early deals. The NSE Nifty went up 65.95 points, or 0.25 per cent, to 25,885.30.

However, both the benchmark indices soon pared early gains, with the Sensex quoting 131.07 points lower at 83,603.18, and the Nifty down 30.70 points at 25,788.65.

Among the Sensex constituents, IndiGo, Asian Paints, Adani Ports, Bharat Electronics Ltd, ITC, Trent, Larsen & Toubro, Kotak Mahindra Bank, Axis Bank, PowerGrid, Reliance Industries, and Bajaj Finance were the laggards.

On the other hand, Infosys, HCL Technologies, Tata Consultancy Services, Tech Mahindra, Maruti Suzuki India, Hindustan Unilever, State Bank of India, Bharti Airtel and NTPC were trading in the green territory.

In Asian markets, South Korea’s Kospi jumped 3 per cent, and Japan’s Nikkei 225 index gained nearly 1 per cent. Markets in Hong Kong and mainland China remained closed for Lunar New Year holidays.

The US equities market closed higher in overnight deals on Wednesday.

Foreign institutional investors bought equities worth Rs 1,154.34 crore on Wednesday, while domestic institutional investors were also the net buyers of stocks worth Rs 440.34 crore, according to exchange data.

Brent Crude, the global oil benchmark, rose 0.37 per cent to USD 70.61 per barrel.

On Wednesday, the 30-share BSE Sensex jumped 283.29 points to settle at 83,734.25, while the broader NSE Nifty gained 93.95 points to close at 25,819.35.