Indian stock market snapped a six-day losing streak and gained 1% when the day closed. Overall, it was a volatile day with both indices lacking clear direction. The only positive is that the indices closed in green.

Sentiments remained cautious over concern of India’s demonetisation move estimated to pull down gross domestic product growth this financial year from last year’s 7.6%.

Nifty trading reclaimed its 8,002 spot, up by 73 points, while BSE Sensex closed closed at 25,961, up 196 points.

On the economy front, Fitch re-affirmed its “negative” outlook for India’s banking sector, saying the financial standing remained “fragile” without bigger capital injections and that the government’s action on banknotes could end up having a mixed impact.

Asian markets, Hong Kong’s Hang Seng was up 1.4%, while Shanghai Composite Index gained 0.66%. Japan’s Nikkei also gained 0.04%.

Both Nifty and Sensex wavered throughout the day without indicating any clarity. However, S&P BSE Sensex closed at 25,961, up 196 points, marginally missing the psychological barrier. On the other hand, NSE Nifty reclaimed its 8,002 spot, up by 73 points. The BSE Mid-cap Index closed at 11,898, gaining 1.39%, whereas BSE Small-cap Index closed on a positive note at 11,627 gaining 1.16%.

The rupee was trading marginally down at Rs. 68.19/$.

Out of 1,516 stocks traded on the NSE, 556 declined, 896 advanced and 64 remained unchanged today.

Top 5 Nifty Gainers: L&T (3.72%), Asian Paints (1.94%), Tata Steel (1.47%), Cipla (0.65%) and Lupin Ltd. (0.53%).

Top 5 Nifty Losers: HDFC (-3.00%), M&M (-1.32%), BHEL (-1.12%), Wipro (-1.03%) and Maruti Suzuki (-0.99%)

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