Volatile Sensex ekes out margin gain to end at new peak

Volatile Sensex ekes out margin gain to end at new peak

In volatile trade, the benchmark Sensex today rose a marginal 6 points to log a new closing peak of 26,442.81, extending its winning run to the fourth straight session, on buying in healthcare and FMCG shares while battered metal stocks also witnessed a late recovery.

In addition, covering up of short positions by speculators ahead of Thursday's monthly expiry in the derivatives segment also helped Sensex rebound, brokers said.

After opening in the negative zone at 26,349.87, the Sensex slipped further to touch the day's low of 26,314.89 on sustained selling due to negative domestic and overseas cues.

However, late buying helped it wipe off initial losses to gain 5.79 points, or 0.02 per cent. It close at new high of 26,442.81, breaching earlier record of 26,437.02 reached yesterday. The gauge has gained over 128 points in 4 days.

However, NSE Nifty index retreated from fresh record high hit today and edged lower by 1.55 points, or 0.02 per cent, to close at 7,904.75 as banking stocks fell. The barometer moved between 7,862.45 and 7,915.45 during the session on alternate bouts of selling and buying.

Sentiments remained bearish at the outset following the Supreme Court's coal block allocation judgement. However, metal space saw value-buying as Tata Steel, Hindalco and Sesa Sterlite recovered.

However, SBI, ICICI Bank, HDFC Bank shares were under some pressure on worries due to metal sector exposure.

Among pharmaceutical stocks Sun Pharma,  Dr Reddy and Cipla were major gainers. FMCG majors ITC and HUL rose on rush for defensive sectors, traders said.

Stocks of Maruti and some others ended lower after CCI slapped a Rs 2,545 crore fine on 14 car makers for violating trade norms in spare parts and after services market.

Sectorally, the BSE Healthcare index rose the most 1.12 per cent, the best among peers. It was followed by the FMCG sector index that rose by 0.90 per cent, Metal index by 0.75 per cent and Consumer Durables index by 0.33 per cent.
Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 127.33 crore yesterday.

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