The Indian market snapped its three-session losing streak on May 26 in a highly volatile session. Sensex rose 503 points to 54,252 and Nifty gained 144 points to 16,170. Tata Steel SBI, HDFC Bank and Axis Bank were among the top Sensex gainers, rising up to 5.27 percent. Sun Pharma, RIL, HUL, and L&T were the top Sensex losers, falling up to 1.16 percent.
BSE mid cap and small cap indices gained 314 points and 194 points, respectively. Among BSE sectoral indices, banking and metal shares were the top gainers, with their indices rising 854 points and 574 points, respectively.
Mohit Nigam, Head - PMS, Hem Securities said, "We believe that market volatility may remain at elevated levels and investors should maintain a cautious stance. One can use these dips to start making new positions in fundamentally good stocks but in a staggered manner. We believe FED's and RBI actions in June will be an important factor that may decide the direction of the market in the short term. Immediate support and resistance for Nifty are 16,000 and 16,400 respectively. Immediate support and resistance for Bank Nifty are 34,500 and 35,500, respectively."
The market breadth was positive with 1748 shares ending higher against 1552 stocks falling into the red. 129 shares were unchanged.
Market cap of BSE-listed firms rose to Rs 250.50 lakh crore.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "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."
Continuing their selling spree, foreign institutional investors offloaded shares worth a net Rs 1,803.06 crore on Wednesday, as per stock exchange data.
Elsewhere in Asia, markets in Shanghai settled in the green while, Hong Kong, Seoul and Tokyo ended marginally lower.
Bourses in Europe were trading in the positive zone in the afternoon trade.
Stock markets in the US had ended higher on Wednesday. International oil benchmark Brent crude jumped 0.54 per cent to $114.7 per barrel.
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