Taking Stock:A choppy day for market,Sensex gains 115 points,Nifty nears 17,400.

Taking Stock:A choppy day for market,Sensex gains 115 points,Nifty nears 17,400

Ira Singh
3 April’23

The Indian market was again volatile on April 3 and largely traded flat but some late buying in auto and PSU banking names lifted the benchmark indices.

The Nifty ended the day at 17,398.05, up 38.30 points, or 0.22 percent. BSE flagship the Sensex gained 114.92 points, or 0.19 percent, to end the day at 59,106.44.

Global cues were largely negative as OPEC and allies’ decision to cut production took everyone by surprise and triggered a spike in crude oil prices.Besides, the surprise production cut by OPEC+ has fuelled concerns about inflationary pressure.

The downside pressure in the market was mitigated as auto stocks rallied in response to the latest sales data, indicating a surge in demand.

Stocks and Sectors

In the broader market, Nifty Midcap and Nifty Smallcap also advanced.

Among Nifty 50 stocks, Hero Moto, Coal India, Bajaj Auto, Maruti Suzuki, and Divi’s Labs were top gainers that rose 2-4 percent. BPL was the biggest loser, falling 4 percent, followed by Adani Enterprises, Apollo Hospitals and Infosys.