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No respite in the wild swings; Sensex, crafty again after briefly turning red

Sensex and Nifty started on a higher note today.

New Delhi:

Indian equity benchmarks traded higher on Monday in a volatile first session. National indices fluctuated between gains and losses in initial trades.

Asian stocks were mostly in the red as Wall Street futures slipped amid concerns over the U.S. Federal Reserve’s future interest rate hike to tame inflation. Nifty futures trends on the Singapore Stock Exchange (SGX Nifty) indicated an early gap down for national indices.

The 30-stock BSE Sensex jumped 208 points or 0.41% to 51,568 in early trading, while the broader NSE Nifty rose 69 points or 0.45% to trade at 15,362. Both indices fell sharply last week.

Mid and small cap stocks were mixed today as the Nifty Midcap 100 slipped 0.07% and small caps edged up 0.03%.

Nine of 15 sector gauges – compiled by the National Stock Exchange – were trading in the green. The Nifty Bank and Nifty IT sub indices outperformed the NSE platform rising as much as 0.54% and 0.54%, respectively.

On the stock-specific front, Sun Pharma was Nifty’s top gainer as the stock climbed 1.53% to Rs 805.50. HDFC, Hindustan Unilever, Apollo Hospitals and Asian Paints were also among the winners.

However, the overall market breadth was slightly weak as 1,047 shares were up while 1,366 were down on BSE.

On the BSE 30-stock index, HDFC, HUL, Sun Pharma, HDFC Bank, Asian Paints, Dr Reddy’s, Wipro and UltraTech Cement were among the top gainers.

In contrast, Tata Steel, PowerGrid, M&M, L&T and Bajaj Finserv were trading in the red.

Sensex was down 135 points or 0.26% to settle at a one-year low of 51,360.42 on Friday, while Nifty was down 67 points or 0.44% to end at 15,293.50.