Market snaps 5-day losing streak led by realty, banking and metal
At close, the Sensex was up 498.58 points or 0.64% at 78,540.17, and the Nifty was up 165.95 points or 0.70% at 23,753.45.
Domestic equity benchmarks, Sensex and Nifty broke their 10-day winning streak as the two ended half per cent down on Wednesday, dragged by losses in Reliance Industries, ITC and Infosys.
After hitting its record intra-day high of 48,616.66 in early trade, the S&P BSE Sensex pared all gains to end 263.72 points or 0.54 per cent lower at 48,174.06.
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Similarly, the broader NSE Nifty fell 53.25 points or 0.38 per cent to 14,146.25. It touched a record peak of 14,244.15 during the day.
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The losers on the Sensex pack were led by ITC, drowning around 3 per cent, followed by Reliance Industries, Bajaj Finance, Axis Bank, HUL and HCL Tech.
On the other hand, PowerGrid, Bharti Airtel, ONGC and UltraTech Cement were among the gainers.
Domestic equities witnessed high volatility and corrected mainly on turning outcome of Georgia’s run-off elections for two Senate seats in the favour of Democrats, said Binod Modi, Head-Strategy at Reliance Securities.
On the broader market, the S&P BSE MidCap ended with 0.39 per cent gains at 18,749.03. While the SmallCap closed at 18,615.17, down by 0.14 per cent.
“Control of Senate by Democrats is likely to result in reversal of lower tax rates in the US, which may create certain volatility in the market,” he said, adding that volatility index shot up sharply over 5 per cent at one point of time.
Further, profit-booking at record levels also dragged benchmarks lower, traders said.
Elsewhere in Asia, bourses in Shanghai and Hong Kong ended on a positive note, while Tokyo and Seoul were in the red.
Stock exchanges in Europe were trading firm in early deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.99 per cent higher at USD 54.13 per barrel.
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