Market snaps 2- day losing streak, amid volatility, IT shine

The domestic share market indices ended marginally higher in the volatile session on Wednesday, led by buying seen in the Information Technology stocks, while selling in other sectors trimmed the intraday gains.At close, the Sensex was up 149.85 points or 0.19 percent at 79,105.88, and the Nifty was up 4.75 points or 0.02 percent at 24,143.75.
After a positive start, the market erased all the gains and traded flat in the first half,as broad- based profit booking offset the rise in IT stocks that followed softer US producer prices data, indicating a potential slowdown in inflation. All other indices experienced losses, with the metals sector suffering significantly after the Supreme Court's tax royalty verdict.
TCS, HCL Technologies, Infosys, Tech Mahindra and BPCL were the top gainers on the Nifty, while losers included Divis Labs, Hero MotoCorp, Coal India, ONGC and UltraTech Cement.
On the sectoral front, except IT (up 1.5 percent), all other sectoral indices ended in the red. Capital goods, healthcare, oil & gas, metal, realty, pharma, media were down 0.5-1 percent.The BSE midcap and smallcap indices down 0.5 percent each.
Rupee Close:
On 14 Aug'24,the Indian rupee traded in a narrow range to settle 2 paise higher at 83.95 against the American currency on Wednesday, helped by a sharp decline in the U.S. Dollar against major currencies overseas.
Forex traders reportedly stated a mixed-to-positive tone in the domestic market also supported the rupee. However, foreign fund outflows and geopolitical tensions in the Middle East restricted the rise in the local unit.
Trading Guide: 
Market experts have recommended five shares to buy today- ICICI Securities, Fortis Healthcare, Power Grid Corporation of India, HCL Technologies and Tata Power.The domestic market traded within a narrow range; even as global markets saw a positive turnaround. Investors adopted a cautious stance due to weak domestic sentiment and the risks of earnings downgrades. Meanwhile, a decline in WPI inflation, driven by lower food prices, signals that the RBI is progressing towards its price stability target. The IT index edged up, reflecting optimism for improved US CPI data expected later today, which could increase the scope of a loose monetary policy from the Fed,Vinod Nair, Head of Research, Geojit Financial Services, reportedly stated.
Markets will remain shut tomorrow on account of Independence Day.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)