Indian shares fluctuated on Thursday but managed to hold on to most early gains as the Sensex traded 146 points higher at 66,169, while the Nifty hovered around 19,851 levels.
The upside in equities came on the back of easing US bond yields, reduced FII selling recently, and a correction in crude oil prices. However, mixed Asian cues and weekly options expiry volatility kept the tone cautious.
On the Sensex pack, IndusInd Bank, Nestle, Wipro, SBI, and Asian Paints saw buying interest. Meanwhile, Ultratech Cement, Tech Mahindra, HUL, and Bharti Airtel faced selling pressure.
In the broader markets, midcap and smallcap indices rose between 0.4-0.6% as investors cherry-picked stocks in those segments.
Among sectors, realty jumped nearly 1.5% while pharma and metals dragged. Rest all sectors traded in the positive zone.
Analysts, however, remain watchful of lingering global recession fears and the direction of foreign fund flows into India for further upside. The focus also remains on the last leg of Q2 corporate earnings for the next market trigger.
On Wednesday, Indian equities snapped a two-day slide as markets worldwide took comfort from smaller-than-anticipated rate hikes abroad and China easing its controversial zero-Covid policy. The rupee also stabilized and edged up marginally against the US dollar.
Going forward, volatility cannot be ruled out as year-end considerations come into play. Investors may see buying opportunities on market dips with a long-term view.
