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Sensex rise for 5th Day, End Modestly Higher Amid F&O expiry

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Equity benchmarks Sensex and Nifty pared most of their intra-day gains to end marginally higher on Thursday as monthly derivative contracts expired amid weak global cues.

After touching a high of 39,326.98 during the session, the BSE Sensex succumbed to selling pressure in the last hour of trade. It finally finished at 39,113.47, up 39.55 points or 0.10 percent.

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The NSE Nifty inched up 9.65 points or 0.08 percent to close at 11,559.25.

IndusInd Bank was the top gainer in the Sensex pack, rallying over 6 percent, followed by M&M, SBI, HDFC, Axis Bank, Sun Pharma, and Maruti.

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On the other hand, ONGC, Bajaj Auto, RIL, Kotak Bank, and UltraTech Cement were among the laggards.

After opening higher, the markets continued to trade in the positive zone in the afternoon session as traders were encouraged by RBI Governor Shaktikanta Das’ statement that the new resolution framework is expected to give durable relief to borrowers amid the COVID-19 crisis, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

However, market participants turned cautious as August futures and options (F&O) contracts expired, traders said.

Further, global investors are awaiting cues from US Federal Reserve Chairman Jerome Powell’s speech at the central bank’s annual Jackson Hole symposium. Officials in the past have used the meeting, being held online this year, to make market-moving announcements.

Bourses in Hong Kong, Tokyo, and Seoul settled with losses, while Shanghai was in the positive territory.

Stock exchanges in Europe were trading on a negative note in early deals.

Global oil benchmark Brent crude was trading 0.04 percent higher at USD 46.18 per barrel.

Meanwhile, the rupee soared 48 paise to close at 73.82 against the US dollar after the RBI Governor said the central bank has not exhausted its ammunition to deal with the pandemic-induced stress.

Speaking at a webinar, Das also said rather than becoming averse to lending, banks have to improve their risk management and governance frameworks, and also build sufficient resilience.

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