Mumbai. Thursday’s trading session was quite volatile for the Indian stock market. At the beginning of trading, both Sensex and Nifty made new all-time highs of 83,773 and 25,611 respectively. However, the market could not sustain at the higher levels till the end. At the end of trading, the Sensex was up 236 points or 0.29 percent at 83,184 and the Nifty was up 38 points or 0.15 percent at 24,415. Selling was seen in midcap and smallcap.
The Nifty Midcap 100 index fell 400 points, or 0.67 per cent, to 59,351 and the Nifty Smallcap 100 index declined 244 points, or 1.26 per cent, to 19,144. NTPC, Kotak Mahindra Bank, Titan, Nestle, HUL, Maruti Suzuki, Asian Paints, HDFC Bank, Bharti Airtel, Sun Pharma and Axis Bank were the top gainers in the Sensex pack. L&T, TCS, JSW Steel, HCL Tech, Wipro, Tata Steel, Tech Mahindra and SBI were the top losers. Auto, Fin Services, FMCG, Realty and Private Bank were the top gainers on the NSE. Pharma, IT, PSU Bank, Metal, Infra and PSE indices closed under pressure.
Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, says that after the US Fed cut interest rates by 0.50 percent, profit booking has been seen in the market. There has been buying in FMCG and finance sectors with good valuations. Other market experts say that the US Fed has cut interest rates by 0.50 percent. The Fed Chairman has given positive commentary on the US economy. This is very good for the market. This is opening the way for reduction in interest rates in India as well. In such a situation, the banking sector looks very attractive.