The benchmark indices on Thursday closed the volatile trade in the positive territory albeit off the day’s high.

Sensex and the Nifty were up 0.3 per cent each at 72,050 and 21,910, respectively. Broader markets outperformed the benchmarks, as Nifty Midcap 100 and Smallcap 100 indices gained 1 per cent each.

Advertisement

Over the past eightsessions, Nifty has retraced only 61 per cent of preceding seven sessions, highlighting a robust price structure.

Except Nifty FMCG and Nifty Pharma indices, all other sectors swam in the sea of green. Nifty PSU Bank emerged as the best sectoral performer as it gained over 3 per cent led by gains UCO Bank, Bank of India, Union Bank, and PNB.

On the sectoral front, FMCG index shed 0.9 per cent, on the other hand auto, PSU Bank, metal, realty power and oil & gas up 1-2 per cent.

Notably, the anticipation of rate cuts has long been a significant driver for the market. However, with the US job market remaining resilient and inflation consistently above the Fed’s 2 per cent target, hopes for swifter and deeper rate cuts have begun to diminish.

Shares of HDFC Bank ended as the top contributors to the gains in the benchmark index, followed by those of Mahindra and Mahindra, SBI and NTPC.

MRPL was among the top BSE gainers, ending frozen at the 20% upper circuit.

BSE Midcap index rose 0.93 per cent while the Smallcap index jumped 1.24%.

Over 300 stocks, including Reliance Industries, Maruti Suzuki, SBI, Mahindra and Mahindra, Bajaj Auto, HCL Tech, Bank of Bardoa, Coal India, ONGC, TVS Motor Company and Zomato hit their fresh 52-week highs in intraday trade on BSE.

The overall market capitalisation of BSE-listed firms rose to nearly Rs 387.3 lakh crore from nearly Rs 384.7 lakh crore in the previous session, making investors richer by about Rs 2.6 lakh crore in a single session.

In the Nifty 50 pack, shares of Mahindra and Mahindra, up 6.81 per cent, Power Grid, up 4.57 per cent and BPCL, up 4.38 per cent closed as the top gainers in the Nifty 50 pack.

While the top losers in the pack were Axis Bank, down 2.01 per cent, Apollo Hospitals Enterprises, down 1.84% and ITC, down 1.65 per cent.

With the recent hot inflation print from US, traders have moved their bets on interest rate cuts to July from March and this will impact market momentum as well.

Another key development was that the Axis Bank shares fell more than 2 per cent in afternoon trade after BJP leader Subramanian Swamy moved the Delhi High Court, alleging the private bank’s involvement in an Rs 5,100-crore scam, a report said.

Swamy moved the court seeking investigation by a committee of experts into the transaction.