Sensex ends lower after choppy trade; M&M soars 6%

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M&M was the top gainer in the Sensex pack.

Retreating from its record peak, equity benchmark Sensex ended 25 points lower after a volatile session on Wednesday as investors booked profits amid mixed cues from global markets.

After gyrating over 721 points during the day, the 30-share BSE index ended 24.79 points or 0.05% lower at 49,492.32. It scaled a record intra-day peak of 49,795.19.

The broader NSE Nifty inched up 1.40 points or 0.01% to its fresh closing record of 14,564.85. The index touched a lifetime high of 14,653.35 during the day.

M&M was the top gainer in the Sensex pack, rallying around 6%, followed by SBI, ITC, NTPC, Bharti Airtel and ONGC.

On the other hand, Bajaj Finance, HDFC, Bajaj Finserv, Titan, Sun Pharma and Dr Reddy’s were among the laggards.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities were volatile and gave-up early gains as profit booking was visible in a large number of stocks.

“While contraction in November 2020 IIP data indicates more measures by FM in the budget to stimulate economic activities, better than anticipated softening in CPI data for December 2020 negates the looming concerns over low interest rate scenarios.”

“We continue to believe that that a sharp rebound in high frequency key economic data for December 2020 indicates demand revival, which bodes well for the markets. Further, 3Q FY21 corporate earnings are progressing well and are expected to sustain growth, which along with weak dollar and soft monetary policy of global bankers should continue to attract FPIs into domestic equities, ”he said.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended with losses, while Seoul and Tokyo were in the positive territory.

Stock exchanges in Europe were also trading with gains in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.28% higher at USD 56.74 per barrel.

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