The Indian market saw yet another volatile session on September 9 but managed to end the day on a high on positive global cues. Concerns about higher inflation numbers, to be released on September 12, saw the market swing between losses and gains.
At close, the Sensex was up 104.29 points, or 0.18 percent, at 59,793.14, while the Nifty ended 34.6 points, or 0.19 percent, highers at 17,833.35.
“The market now believes that the sharp rate hikes will not cause a deep recession and that’s why the global cues have turned slightly positive”, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
A strong showing by the western markets on the previous day set the tone for the Asian markets. The Indian benchmarks responded with a gap-up opening.
“Domestic bourses kicked off the trading session on a strong footing, backed by positive sentiments across global markets, however, it succumbed to profit booking after surpassing the psychological 60,000 mark”, Vinod Nair, Head of Research, Geojit Financial Services said of the Sensex.
Adani Ports, Shree Cements, IndusInd Bank, State Bank of India and HUL were the top Nifty gainers, rising between 1.3 and 3.1 percent each.
The biggest Nifty loser were Larsen & Toubro, M&M, HDFC Life, Bajaj Finserv and SBI Life Insurance, which declined between 0.74 to 1.2 percent.
Backed by sustained buying, Nifty IT, which has had a rough run, was the top performing index, gaining 2.2 percent.