Nifty ends higher for 3rd session

Nifty ends higher for 3rd session
Representational Pic

New Delhi, Aug 23: Nifty overcame early volatility to end higher for the third session on Wednesday. At close, Nifty was up 0.25 per cent or 47.6 points at 19,444, while the Sensex rose 213 points to settle at 65,433.30.

Volumes on the NSE was higher than the previous two days. The broad market indices rose more than the Nifty even as the advance decline ratio remained firm at 1.47:1, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The Indian market recovered after long consolidation, as mostly the push came from the banking sector, Choice Broking said in a note. Bank Nifty advanced 1.10 per cent to settle at 44,479.05. NSE mid-cap and small-cap convincingly moved on the higher side as well.

While maximum sectors ended in green, Nifty Energy and FMCG ended by half of per cent. Vinod Nair, Head of Research at Geojit Financial Services, said global markets have restrained from making significant moves as they await the outcome of the central bankers' gathering at Jackson Hole scheduled on Friday.

With the earnings season nearing its end, the heightened possibility of another rate hike in the US, along with the resultant increase in bond yields, are expected to keep the global market’s volatility high.

On the domestic front, sentiments remained positive, backed by strong demand in the banking sector, though IT and pharma limited the gains, Nair said.

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