Markets Flatten Out After Early Trade Rally on Thursday
Market Update: Benchmark equity indices initially surged in early trade on Thursday, Reliance Industries saw notable gains. Check it out
New Delhi: At the outset of Thursday’s trading session, benchmark equity indices surged. Further it quickly encountered highly volatile trading patterns and subsequently leveled off, trading flat. This stability came amidst a lack of immediate market-moving triggers. Economic indicators, global events, or corporate earnings releases often serve as potential triggers for market movements. The absence of these triggers during this period contributed to the subdued market conditions observed. This is characterised by fluctuating trends.
Market Volatility Marks Early Gains for Sensex and Nifty
In early trading, the 30-share BSE Sensex rose by 250.72 points to reach 77,588.31. The NSE Nifty increased by 71.7 points to 23,587.70. Even after gains both benchmark indices experienced significant volatility. Fluctuating between their peak and trough levels.
Table toppers-
Among the 30 companies in the Sensex, Kotak Mahindra Bank, Tata Motors, UltraTech Cement, HDFC Bank, Mahindra & Mahindra, and Reliance Industries saw notable gains.
Sun Pharma, Power Grid, Bajaj Finserv and Bajaj Finance were among those showing declines.
In Asian markets-
Seoul traded in green; Tokyo, Shanghai, and Hong Kong quoted lower. US markets observed Juneteenth on Wednesday, resulting in their closure for the day.
According to exchange data, Foreign Institutional Investors (FIIs) purchased equities worth Rs 7,908.36 crore on Wednesday. The global oil benchmark Brent crude increased by 0.64 percent to $85.07 per barrel.
It shows upward trend for the fifth consecutive session on Wednesday. The BSE benchmark index gained 36.45 points or 0.05 percent to close at a new record high of 77,337.59. As a result, reaching a peak of 77,851.63 during the day and the index marked a surge of 550.49 points or 0.71 percent.
The Nifty closed at 23,516, declining by 41.90 points or 0.18 percent. In intra-day trading, it rose by 106.1 points or 0.45 percent to set a new high of 23,664.
with inputs from PTI