📷 Image Credits: The Indian Express
The Indian stock market witnessed a highly volatile session today as both the BSE Sensex and NSE Nifty 50 moved back and forth between green and red territories. Sensex opened 954.88 points, or 1.32 per cent higher at 73,033.90 while Nifty inched 243.80 points, or 1.11 per cent higher at 22,128.30, signaling a slight recovery after recent uncertainties.
On Tuesday, the market experienced the biggest single-day fall in four years as political nervousness prevailed due to anticipated election results. The India VIX, also known as the Volatility Index, had surged nearly 30% in the previous session, breaching the 30 mark. However, in today’s session, the ‘Fear Index’ has eased to 18 levels, indicating lower anxiety among market participants.
During today’s trade, there was a significant focus on consumption stocks as investors sought refuge in sectors like Auto, IT, Pharma, and FMCG to counter the volatility. Notably, shares of Adani Ports and Special Economic Zone (APSEZ) made a strong recovery, trading 1.73% higher at 1,270.50.
Moreover, Pune-based Persistent Technologies saw a substantial rise for the second consecutive day, with its shares jumping 5.82% to 3,546.95. The benchmark indices, BSE Sensex and Nifty, also saw impressive gains, with Sensex rising 2.28% to 73,726.78 and Nifty climbing 2.35% to 22,399.20.
In the early trading session, consumption stocks, especially in the FMCG and Healthcare sectors, witnessed a surge in buying activity. Notably, sectors like Nifty Pharma and FMCG stood out as major gainers amid recent volatility.
Looking at sectoral performance, Auto, IT, Pharma, and FMCG emerged as top gainers, while PSU Bank, Metal, Infrastructure, and PSE sectors faced declines. The Nifty PSU Index, which witnessed significant losses in the previous session, continued its downward trend, slipping 1.67% to 6,679.90, trading near its intraday low.
Overall, amidst the volatility and political uncertainties, the Indian stock market showed signs of recovery as investors cautiously navigated through the landscape of changing market conditions and sentiments.
