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Market ends marginally higher in choppy trade

Market ends marginally higher in choppy trade

Followup buying support likely for PSU stocks
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Followup buying support likely for PSU stocks

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Mumbai: THE Sensex and Nifty ended marginally higher on Tuesday after see-saw trade amid concerns over the economic impact of the second wave of coronavirus infections and localised lockdowns in some States.

Participants also remained on the sidelines ahead of RBI's policy decision on Wednesday, traders said. Stabilising after the previous session's heavy selloff, the 30-share BSE Sensex settled 42.07 points or 0.09 per cent higher at 49,201.39. Intra-day, it swung around 646 points. On similar lines, the broader NSE Nifty advanced 45.70 points or 0.31 per cent to 14,683.50.

Asian Paints was the top gainer on the Sensex chart, rising 4.07 per cent, followed by Sun Pharma, HUL, Dr Reddy's, HDFC, Nestle India and M&M. On the other hand, PowerGrid, Axis Bank, IndusInd Bank, UltraTech Cement and ICICI Bank were among the laggards, shedding up to 2.29 per cent.

Domestic equities were quite volatile and gave up most initial gains as sharp spike in Covid-19 cases across the country and resultant mobility restrictions continued to weigh on investors' sentiments, said Binod Modi, Head - Strategy at Reliance Securities.

"In our view, domestic markets are expected to remain volatile in the near term until coronavirus spread is controlled. Further, imposition of weekend lockdown in Maharashtra, which contributes over 13 per cent of country's GDP and around 20 per cent of India's industrial output, certainly does not augur well for economy," he added.

Sector-wise, BSE healthcare, industrials, basic materials, FMCG, realty and metal indices rose up to 1.65 per cent, while bankex, utilities and energy closed lower. In the broader markets, the BSE midcap and smallcap indices rallied up to 1 per cent. Global markets surged to record highs amid positive macroeconomic data from the US and China, while sliding US Treasury yields also whetted risk appetite. The S&P 500 and the Dow Jones indices closed at all-time highs in the overnight session as investors cheered strong jobs data.

Elsewhere in Asia, bourses in Shanghai and Tokyo closed in the red on profit-booking, while Seoul advanced. Stock exchanges in Europe were also trading with gains in mid-session deals.

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