The Sensex rose 225 points in morning trading on Wednesday, but quickly lost all of its gains as volatility arose amid conflicting Asian market patterns.
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In early trade, the Sensex climbed 225.08 points to 55,791.49. The NSE Nifty also rose 64.65 points to 16,649.20.
Both benchmark indexes eventually returned to flat trading. The Sensex fell 64.36 points to 55,502.05, whereas the Nifty traded flat, up only 2.20 points to 16,586.75.
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Asian Paints, NTPC, Hindustan Unilever, Tata Steel, ITC, Tech Mahindra, Titan, Maruti, and M&M were the top gainers on the Sensex.
Dr Reddy’s, Sun Pharma, Power Grid, Wipro, and UltraTech Cement, on the other hand, were among the laggards.
On Tuesday, the Sensex fell 359.33 points, or 0.64%, to 55,566.41. The Nifty fell 76.85 points, or 0.46%, to 16,584.55.
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In other Asian markets, Shanghai and Hong Kong were trading down, while Tokyo was trading higher. On Tuesday, stock markets in the United States ended lower.
According to stock exchange statistics, foreign institutional investors sold shares worth Rs 1,003.56 crore on Tuesday.
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“A clear trend is unlikely to emerge in the market in the near term. At lower levels DIIs and retail investors will buy, pushing the market up; at higher levels FPIs will sell, pushing the market down. The dominant factor determining the market trend, globally, will be inflation and how far central banks, particularly the Fed, will go in hiking rates to contain inflation,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Meanwhile, Brent crude, the international oil standard, rose 0.96% to USD 122.84 per barrel. The rupee recovered 14 paise to 77.57 against the US dollar in the early hours on Wednesday, recovering from a record low.