Sensex, Nifty Swing Between Highs, Lows In Volatile Trade Ahead Of US Inflation Data

Mumbai: Trading volatility of Sensex and Nifty increased on Wednesday amid mixed global trends ahead of the US inflation data. Market analysts said investors will monitor the November US CPI, the final inflation reading, for further cues before the Federal Reserve's year-end policy meeting. The 30-share BSE Sensex rose 55.04 points or 0.04 per cent to 81,565.09 in the morning trade. Similarly, the broader NSE Nifty went up 30.40 points or 0.12 per cent to 24,640.45.

From the 30-share pack, UltraTech Cement, Nestle India, Mahindra & Mahindra, Sun Pharmaceutical, Asian Paints, Maruti, Infosys and Tata Motors were among the gainers. HCL Technologies, ICICI Bank, Tech Mahindra, Bajaj Finance, Bajaj Finserv, Tata Consultancy Services, Titan and HDFC Bank were the laggards.

In Asian markets, Seoul, Hong Kong, and Shanghai traded in green territory, while Tokyo was in red. "Asia-Pacific markets were mixed Wednesday after major Wall Street benchmarks declined ahead of key inflation data that could influence the Federal Reserve’s interest rate decision," the Head of Retail Research at HDFC Securities Deepak Jasani said, according to PTI.

Moreover, US markets closed lower in overnight deals on Tuesday. Global oil benchmark Brent crude rose 0.54 per cent to USD 72.58 a barrel. "Nifty is in a consolidation range and will likely remain in this consolidation phase with a mild upward bias in the near term. The biggest positive for the market is the return of the FIIs and the consequent strength in the large caps, particularly in banking and IT," the Chief Investment Strategist Geojit Financial Services V K Vijayakumar said, as per a PTI report.

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Vijayakumar further noted that FIIs turning buyers have enthused the retail investors who have been on the defensive after the near 10% correction from the September peak. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,285.96 crore on Tuesday, per exchange data. 

On Tuesday, the 30-share BSE Sensex increased 1.59 points and closed at 81,510.05. Falling for the third day, the NSE Nifty dropped by 8.95 points to settle at 24,610.05.