Sensex rises 74 pts in volatile trade ahead of US Fed meet

Sensex rises 74 pts in volatile trade ahead of US Fed meet
Reversing a five-session slide, benchmark Sensex rose 74 points to end at 32,996.76 on Tuesday in choppy trade as participants accumulated recently beaten down IT, telecom and auto stocks amid foreign capital inflows.

Markets benefited from value buying in beaten-down stocks and a mixed trend overseas, as investors focused on new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day amid trade war concerns, broker said.

The market shrugged of its early losses, with IT and telecom stocks leading the recovery. The Sensex bounced back to regain the 33,000-level and touched high of 33,102.74 as TCS, Wipro and Infosys saw heavy buying.

The benchmark finally settled at 32,996.76, showing a gain of 73.64 points, or 0.22 per cent.

The index had lost 994.82 points in the previous five sessions on worries over widening current account deficit and possible US Fed rate hike.

The broader NSE Nifty reclaimed the key 10,100-mark and touched a high of 10,155.65, before finally settling at 10,124.35, showing a gain of 30.10 points, or 0.30 per cent. Intra-day, it hit a low of 10,049.10.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 292.23 crore on net basis, while domestic institutional investors (DIIs) sold equities to the tune of Rs 191.52 crore yesterday, provisional data showed.

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