PSE index rose for the second consecutive day with Power stocks hogging the limelight. As the gap between growth and value stocks widens, we are witnessing sectoral rotation in several pockets. Metals & PSU banks helped stage a recovery in afternoon trade, said an analyst.
The 30-share pack Sensex fell 254.33 points or 0.43 per cent to close at 59,413.27. The index gyrated in a range of 567 points. Its broader peer NSE Nifty declined 37.30 points or 0.21 per cent to 17,711.30.
Markets were volatile for the second consecutive day with the street wary of inflation on the back of supply-side disruptions and higher commodity prices. As China pulls back on the back of power shortages, export opportunities are opening up for several Indian companies with the PLI schemes providing the catalyst,” said S Ranganathan, Head of Research at LKP securities.
Market at a glance:
- NTPC extends rally to the third day, rises another 6 per cent
- Coal India climbs over 6 per cent on rising coal prices
- HDFC AMC tumbles 6 per cent as Standard Life to pare holding
- IPO watch: Aditya Birla AMC subscribed 54 per cent on Day 1
- India VIX continues to climb, adds 2 per cent to close near 19-level
MORE TO COME..
