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Sensex Ends Notably Higher Despite Paring Some Gains

Indian stocks ended on a buoyant note on Thursday, despite paring some gains amid cautious moves by investors. Lower U.S. futures and weakness in European markets limited market's gains.

While the splendid rally on Wall Street on Wednesday and the resultant firm trend in Asian markets set the stage for the bulls, stocks failed to sustain momentum due to lack of support at higher levels amid a lack of positive catalysts from the home front.

The benchmark BSE Sensex ended up 157.34 points, or 0.44%, at 35,807.28, nearly 200 points off the day's high of 36,002.11. The National Stock Exchange's Nifty50, which scaled a high of 10,834.20, ended with a gain of 49.95 points, or 0.47%, at 10,779.80.

Information technology, telecom and oil stocks were among the prominent gainers. Bank, automobile, healthcare, realty and metal stocks started well but lost their way midway through the session and ended on a mixed note.

The market breadth was neutral. On BSE, 1315 stocks moved higher, 1241 stocks declined and 192 stocks ended flat.

Adani Ports, Tech Mahindra, Bharti Infratel and Zee Entertainment Enterprises gained 2 to 2.3%. Infosys ended nearly 2% up and Reliance Industries gained 1.8%. Clarifying on a news item that said the company was planning another buyback, Infosys said that in line with the capital allocation policy, the board from time to time will decide the manner of returning the identified amount subject to applicable laws and requisite approvals, if any.

Power Grid Corporation, Indiabulls Housing Finance, Hindustan Petroleum Corporation, ONGC, Asian Paints, Cipla, Bajaj Finance and Tata Consultancy Services ended higher by 1 to 1.7%.

Hindustan Unilever gained 1.4% after the company said it is planning to take the National Anti-Profiteering Authority to court after the authority sent it a fresh order seeking Rs 223 crore.

In the currency market, the rupee opened 15 paise lower at 70.20 a dollar and weakened further to 70.35 as the session progressed.

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