In a volatile session, headline indices largely remained flat in the afternoon session with a negative bias, and regained some momentum towards the later part of the trade. At the close, Sensex ended 29 points higher at 60078, while Nifty ended flat at 17855. India VIX i.e. a measure of volatility in the stock markets climbed substantially by over 6 percent.
Bank Nifty in intra-day trade hit fresh high, led by gains in HDFC Bank, SBI and ICICI Bank among others. Broader markets
Maruti Suzuki, Tata Motors, M&M, ONGC and Hero Motocorp were among the top gainers on the Nifty, while laggards included stocks like HCL, Divis Labs, Wipro, Tech Mahindra and Bajaj Finserv.
Among the Nifty sectoral indices, pharma, FMCG and IT stocks traded in the red, with the highest decline in the IT stocks. All the stocks within the IT pack traded in the red, with share price decline in the range of over 2 percent to 6 percent.
Shares of oil to telecom conglomerate Reliance Industries hit an all time high price of Rs. 2529.9 in today's session. The market capitalization of the Mukesh Ambani led company scaled to Rs. 16.9 lakh crore.
Icra revised India's fiscal 2022 GDP growth forecast to 9%. The agency in a statement noted, "a ramp-up in COVID-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending were the factors which led to the revision".
Meanwhile, European markets traded with gains, with German DAX gaining up to 0.81 percent at the time of writing this report.