select banks help Sensex, Nifty snap 5-day losing streak;

CLOSING BELL: Nestle, Titan, Hindustan Unilever and Asian Paints were the major gainers among the Sensex-30 pack; while Tata Steel, IndusInd Bank and Bharti Airtel were the top losers.

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Stock Market Highlights: The benchmark indices snapped their five-day losing streak amid high volatility on Thursday, as FMCG and select banking shares gained, while IT and metal stocks witnessed selling pressure.

The S&P BSE Sensex plunged to a low of 57,159 in the opening hour, but soon recouped losses and thereafter rallied to a high of 57,887. The Sensex finally settled with a gain of 79 points at 57,635.

The NSE Nifty 50 dipped to a low of 16,850, before signing-off the day 13 points higher at 16,986.
 

Nestle, Titan, Hindustan Unilever and Asian Paints were the major gainers among the Sensex 30 stocks, up over 2 per cent each. Sun Pharma, SBI, Tata Motors, PowerGrid Corporation, Bajaj Finserv and Mahindra & Mahindra were the other prominent gainers.

On the other hand, Tata Steel dropped over 3 per cent, and IndusInd Bank slipped 2.3 per cent. Bharti Airtel and Infosys were the other notable losers.
 

Index heavyweight Reliance Industries hit a fresh 52-week low, and its market-cap dipped below the Rs 15-trillion-mark for the first time since December 06, 2021.

7:04 PM

ABFRL, Apollo Tyres, Ambuja Cements among stocks that hit 52-week high

ABFRL, Apollo Tyres, Ambuja Cements among stocks that hit 52-week high

4:40 PM

Global markets :: US index futures trade mixed

With the turbulence at Credit Suisse, and ahead of the ECB policy announcement, investors' attention has switched to developments in the European market. Consistently unfavourable signs in global markets are encouraging investors to move to safe havens such as the dollar and gold, while FIIs are withdrawing funds from the domestic market in response to the Indian rupee's depreciation. Though the SVB & Credit Suisse crisis has eased, the market lacks the confidence to hold positions on contagion fears.

4:39 PM

Comment :: 'Investors should restrict positions to stocks showing relatively higher strength'

Global cues are still mixed; however, oversold positions and the existence of support around 16,800 in Nifty may trigger a rebound towards the 17,200 zone. Having said that, participants shouldn't go overboard, and restrict positions to stocks that are showing relatively higher strength. 

Views by: Ajit Mishra, VP - Technical Research, Religare Broking