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Sensex Snaps 3-day Losing Run, Ends 503 Pts Higher

The 30 share Sensex jumped 503.27 points or 0.94 per cent to settle at 54,252.53. Its broader peer Nifty50 also ended nearly one per cent higher as it gained 144.35 points to settle at 16,170.15 points

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In a volatile trading session on Thursday, Indian equity benchmarks see-sawed between the red and green territory and finally settled in green to end one per cent higher and end their three-day losing run. The Sensex touched a high of 54,322 and a low of 53,425 intraday.

The 30 share Sensex jumped 503.27 points or 0.94 per cent to settle at 54,252.53. Its broader peer Nifty50 also ended nearly one per cent higher as it gained 144.35 points to settle at 16,170.15 points.

The gains contrasted with global peers, which were trading mixed after the latest U.S. Federal Reserve minutes confirmed the central bank's intent to tighten monetary policy quickly to control inflation.

Worries about surging price pressures and aggressive monetary policy tightening globally have sparked a flight of foreign capital from Indian equities this month, with investors selling a net $4.79 billion worth of shares so far in May, more than twice the amount they did in the whole of April.

"Markets witnessed healthy short covering towards the closing hours that helped key indices to reverse the 3-day losing streak. With the US FOMC minutes out of the way now, the market is more or less getting prepared for the likely rate hikes, and hence we saw strong buying on the F&O expiry day. While we may see bouts of selling going ahead due to other negative factors like higher inflation, continuous FII selling, & the Russia-Ukraine conflict, relief rallies will still be seen amidst volatility," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Underpinning the gains on Thursday, Nifty's metal, financials and banks sub-indexes rose between 2-3 per cent.

State Bank of India, JSW Steel and Tata Steel were among the top gainers on the Nifty 50 index, advancing between 3-5 per cent.

The Nifty IT index closed 1.3 per cent higher after it slumped to its lowest since June in the previous session.

Colgate-Palmolive (India) rose 2.4 per cent after reporting a rise in quarterly profit, while Shalimar Paints surged as much as 10 per cent after it reported a smaller loss for the March quarter.


(With Reuters Inputs)


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