 |
|
The Indian stock market witnessed a volatile trading session on May 13, with key indices Sensex and Nifty 50 fluctuating significantly before closing in the green.
The Sensex opened higher but soon lost ground, falling nearly 1 percent in the morning trade. However, it managed to recover and close with a gain of 145 points or 0.2 percent at 72,809.
Similarly, the Nifty 50 also opened higher but slipped into negative territory during the day. However, it also recovered and closed with a gain of 64 points or 0.3 percent at 22,120.
Analysts attributed the recovery to short covering and profit booking by short sellers. However, they cautioned against overinterpreting the bounceback, noting that the India VIX, a measure of market volatility, remains elevated.
The broader market was mixed, with the BSE Midcap rising 0.3 percent and the BSE Smallcap declining 0.2 percent. Nine out of 13 major sectoral indices closed in the green, with Nifty Pharma and Nifty Healthcare gaining nearly 2 percent each.
Nifty Auto, on the other hand, was the worst hit sectoral index, shedding 1.5 percent. The decline was led by Tata Motors, which fell 8 percent despite reporting robust quarterly results.
Analysts believe that the market will continue to be volatile in the near term due to factors such as the upcoming general election, mixed earnings season, and selling by foreign institutional investors.
They advise investors to exercise caution and avoid making any major investment decisions based on short-term market movements.
It is important to note that the views and investment tips expressed by analysts are their own and should not be considered as recommendations by Moneycontrol.com.
Investors are advised to consult with certified financial advisors before making any investment decisions.
Source: Sensex, Nifty close higher after falling 1% intraday; analysts say 'exercise caution'