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The Sensex witnessed volatile trading on Thursday, dropping steeply at first and then rebounding strongly to end almost flat with domestic and global trends affecting sentiments.
The benchmark S&P BSE Sensex on Thursday closed at 19,317.19 points, just 28.51 points or 0.15% down. However during the course of the day, the market fluctuated widely from a high of 19,569.20 points to a low of 19,170.46 points.
“The National Spot Exchange (NSEL) suspension affected sentiment in the market,” says Sahil Kapoor, assistant vice-president of retail capital markets, Edelweiss Financial Services.
Positive news came from the US as well. On Thursday, the Federal Open Market Committee (FOMC) reaffirmed its stance over the gradual rollback of the current stimulus programme but refrained from giving any hint over the timeline for the same.
“In other words, they are not planning to initiate curbing of funds in near future. The move was rejoiced across the globe including our domestic markets as well,” said Jayant Manglik, president of retail research, Religare Securities.
Domestically, currency movements and US non-farm payroll data are what will guide the market going forward. “The market would continue to witness choppy moves across the board, therefore, one should refrain from overtrading at this juncture,” Manglik added.