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Thursday, February 2, 2023

Indices finish marginally higher after a volatile trading session

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Benchmark indices finished higher for the straight second day, with Sensex slightly increasing with 59 points and useful 36 points up.



At the close, Sensex finished 59.15 points or 0.10 percent at 58,833.87 and Nifty finished 36.45 points or 0.21 percent at 17,558.90. About 1,991 stocks have shot up, 1,428 stocks have fallen and 146 stocks have remained unchanged.

NTPC, Titan, Power Grid Corporation of India, Kotak Mahindra Bank, Larsen and Toubro, Tech Mahindra were among the big winners on the BSE.

BSE LargeCap finished 0.26 percent, BSE MidCap and BSE SmallCap finished 0.40 percent and 0.35 percent, respectively.

“The markets managed to finish marginally higher in a volatile trading session, continuing the prevailing consolidation phase. After the initial rally, the benchmark gradually moved lower as the session progressed. Meanwhile, a mixed trend on the sector front kept participants pressured in which metal and energy made decent gains,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Asian markets rose Friday after a rally on Wall Street ahead of a speech from Federal Reserve boss Jerome Powell that is expected to repeat its plan to raise interest rates to fight inflation.

World stocks were narrowly mixed on Friday as traders and investors waited for a speech from Federal Reserve Chairman Jerome Powell for clues on the gradient of the Federal Reserve’s rate hike path.

Markets will respond in early trading Monday to the US Fed chairman’s speech at the Jackson Hole symposium.

“Indications are currently mixed and a decisive break of the 17,300-17,800 range in Nifty would trigger the next directional move. Participants should continue to focus on risk management and be extra cautious in stock selection,” added Mishra.

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