nifty: Market Watch: Nifty manages to reclaim 16,000 mark | The Economic Times Podcast

In some respite to D-Street investors, the benchmark indices finally managed to end their four-day losing run as Sensex rose over 300 points and Nifty managed to reclaim the 16,000 mark to pare some of this week’s losses. Most sectors and major bourses ended in the positive territory.

However, the headline indices snapped their 3-week winning run, dragged by IT counters. Nifty IT was the worst sectoral performer this week, falling over 6 per cent, led by losses in HCL Tech and TCS.

Volatility in rupee and crude prices, rising inflationary concerns and a disappointing start to Q1 earnings have kept sentiments in check.

For the day, HUL, Titan, Maruti, L&T, HDFC and M&M rose more than 2 per cent while Tata Steel, Power Grid, and HCL Tech cracked over 2 per cent each.

Energy stocks gained after reports said that the government may review the windfall tax on petrol and diesel exports after a sharp decline in crude oil prices.

Reliance Industries rose by 0.83 per cent helping the index restrict losses.

In the broader market, the BSE smallcap gauge declined 0.56 per cent, while midcap dipped 0.40 per cent.

Among BSE sectoral indices, IT fell by 1.44 per cent while basic materials (0.71 per cent), telecom (0.63 per cent), metal (0.48 per cent) and bank (0.43 per cent) were the major laggards.

Energy, healthcare, consumer durables, oil & gas and power were among the winners.

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