Sensex dips 865 points from day’s high; closes 33 points up

Mumbai (Maharashtra) [India], May 5 (ANI): The Indian stock markets’ key indices, Sensex and Nifty, on Thursday, closed with marginal gains as the rally in IT and metal stocks was offset by the losses in FMCG, energy and infra stocks.
The 30 stock S&P BSE Sensex closed 33.20 points or 0.06 per cent higher at 55,702.23 points against its previous day’s close at 55,669.03 points.
Taking cues from positive trends in the global equities, the Sensex started the day on a positive note at 56,255.07 points and surged to a high of 56,566.80 points in the morning trade. The markets witnessed selling pressure in the last hour of the trading. The Sensex briefly slipped into the negative touching a low of 55,613.82 points.
The Sensex has closed in the positive for the first time in the last four trading sessions.
The benchmark Sensex had dipped 1306.96 points or 2.29 per cent on Wednesday after the Reserve Bank of India (RBI) made a surprise announcement to hike the policy repo rate by 0.40 per cent.
This is the first increase in the policy repo rate since May 2020 marking a reversal of the RBI’s monetary policy stance. The RBI’s action had led to a huge selloff in the Indian equities on Wednesday.
Reversing three consecutive sessions of losses, the broader Nifty 50 of the National Stock Exchange closed 5.05 points or 0.03 per cent higher at 16,682.65 points against its previous day’s close at 16,677.60 points.
The Nifty 50 had lost 391.50 points or 2.29 per cent on Wednesday.
There was strong buying support in IT and metal stocks. Tech Mahindra surged 4.07 per cent to Rs 1263.55. Infosys rallied 3.21 per cent to Rs 1585.25. HCL Technologies jumped 2.76 per cent to Rs 1073. Wipro gained 1.87 per cent to Rs 501.05. TCS closed 0.89 per cent higher at Rs 3513.30.
Tata Steel surged 1.83 per cent to Rs 1284.50. Kotak Bank closed 1.18 per cent higher at Rs 1797.65.
More than half of the Sensex scrips closed in the red. IndusInd Bank tumbled 4.32 per cent to Rs 936.15.
The index heavyweight Reliance Industries dipped 1.95 per cent to Rs 2640.75. Nestle India slumped 2.76 per cent to Rs 17599.35. UltraTech Cement dipped 2.58 per cent to Rs 6355.80. Sun Pharma, Power Grid Corporation, Bajaj Finserv and Titan were among the major Sensex losers. (ANI)