Markets settle marginally higher in volatile trade

Mumbai, Jun 24 (PTI) Benchmark equity indices ended marginally higher on Monday, helped by buying in bank stocks and firm beginning in European markets.

The 30-share BSE Sensex ended 131.18 points, or 0.17 per cent, higher at 77,341.08. In early trade, the benchmark had declined 463.96 points, or 0.60 per cent, to 76,745.94.

Later, it bounced back and jumped 213.12 points, or 0.27 per cent, to 77,423.02 during the day.

The Nifty went up 36.75 points, or 0.16 per cent, to settle at 23,537.85.

Among the 30 Sensex companies, Mahindra & Mahindra, Power Grid, Sun Pharma, Nestle, UltraTech Cement, NTPC, ITC, ICICI Bank, Titan, Bajaj Finserv, Bharti Airtel, and HDFC Bank were among the biggest gainers.

IndusInd Bank, Adani Ports, Tata Steel, Reliance Industries, Axis Bank and Bajaj Finance were among the laggards. S&P Global Ratings on Monday retained India’s GDP growth forecast for the current financial year at 6.8 per cent and said high interest rates and lower fiscal spur would temper demand.

In its economic outlook for Asia Pacific, S&P Global Ratings said India’s economic growth continues to surprise on the upside with the economy growing 8.2 per cent in the 2023-24 fiscal year.

In Asian markets, Seoul, Shanghai, and Hong Kong settled lower while Tokyo ended in the positive territory.

European markets were trading with gains. US markets ended mostly lower on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,790.19 crore on Friday, according to exchange data.

Global oil benchmark Brent crude climbed 0.41 per cent to USD 85.59 a barrel.

Snapping its six-day rally, the BSE benchmark declined 269.03 points, or 0.35 per cent, to settle at 77,209.90 on Friday. The NSE Nifty slipped 65.90 points, or 0.28 per cent, to end at 23,501.10.