Sensex closes higher on positive global sentiment

Mumbai, Aug 14 (IANS) Indian equity indices closed in the green on Wednesday supported by positive action in global markets.

At closing, the Sensex was 149.85 points or 0.19 per cent higher at 79,105.88 and Nifty closed marginally higher by 4.75 points at 24,143.75.

A selling trend was seen in midcap and smallcap shares.

The Nifty Midcap 100 index fell 334.45 points or 0.59 per cent to 56,547.05 and the Nifty Smallcap 100 index fell 116.15 points or 0.64 per cent to 18,087.50.

Among the NSE indices, IT, service sector and consumption were in the green.

PSU Bank, pharma, FMCG, metal and realty were the major laggards.

On the Bombay Stock Exchange (BSE), 2,408 shares closed in the red, 1,511 shares in the green and 117 shares closed without any change.

Vikram Kasat, Head, Advisory of Prabhudas Lilladher said, “The overall market sentiment was muted, driven by gains in the IT sector, while the metals sector saw the steepest decline.

“The Supreme Court’s recent ruling allowing states to recover past tax dues from April 2005, without any interest, is negative for the entire metals sector.”

“This ruling could also impact cement companies and may contribute to rising inflation, which in turn could delay potential rate cuts,” he added.

The volatility index, INDIA VIX, cooled off by 4.40 per cent, settling at 15.46, indicating a reduction in market volatility.

In the Sensex pack, TCS, HCL Tech, Tech Mahindra, Infosys, M&M, Wipro and Bharti Airtel were the top gainers.

UltraTech Cement, JSW Steel, Tata Steel, Power Grid, IndusInd Bank, Bajaj Finserv, Axis Bank and ICICI Bank were the top losers.

“The domestic market traded within a narrow range; even as global markets saw a positive turnaround. Investors adopted a cautious stance due to weak domestic sentiment and the risk of earnings downgrades,” other market experts said.

–IANS

avs/rad