Sensex pares early losses, ekes out 16-pt gain; Nifty at 15,850

NEW DELHI: Benchmark indices managed to eke out marginal gains to extend their winning streak to the 4th consecutive session.

In a lacklustre day of trade, the 30-share pack Sensex swung to gains in the final hour to settle 16.17 points higher at 53,177.45. Its broader peer, Nifty50, recovered nearly 140 points from the day's low and settled 18.15 points higher, at the 15,850 mark.

"While the confluence of factors like war, oil and currency strength of India tempted FIIs to book profits on the back of premium valuations relative to its peers, the narrative could likely change if any of the above factors were to alter going forward," said S Ranganathan, Head of Research at LKP Securities.

30 of Nifty50 stocks rose while 20 settled lower. Among them, ONGC was the top gainer, rising 5 per cent, followed by Hindalco, Coal India, M&M and Tech Mahindra, rising around 2 per cent each. On the other hand, Titan fell 3 per cent and Asian Paints, Bajaj twins, and Divis Lab were also amongst the top laggards.

Most sectoral indices settled with a positive bias, with Nifty Oil and Gas index rising 2 per cent, most among peers. "Upstream companies are currently benefited by higher spot prices of oil, leading to strong earnings, while refiners are benefited from higher GRMs," said Vinod Nair, Head of Research at Geojit Financial Services

In a rather range-bound trading session today as deliberations of the GST council get underway, autos displayed strength yet again on the back of new launches ahead of their monthly numbers, Ranganathan added.

Market at a glance:
-M&M zooms to life-time high on Scorpio-N launch cheer
-Zomato slides another 8 per cent after Blinkit deal; down 14 per cent in 2 days
-Metal stocks rebound as China eases Covid curbs
-Medplus adds 2 per cent as brokerages initiate coverage on the stock
-Asian Paints, which uses crude derivatives, slid 3.4 per cent, marking its worst day since May 25
-Bajaj Auto settles rebounds from day's low on promoters not participating in buyback

Elsewhere in Asia, markets in Tokyo, Shanghai, Seoul and Hong Kong bounced back after initial decline and ended with gains. European markets were trading in the green in mid-session deals. US futures rose following a losing day. Meanwhile, international oil benchmark Brent crude jumped 1.58 per cent to $116.9 per barrel.