Business & Finance

Sensex ends 86 points higher; Jet Airways nosedives 41 percent

Mumbai | Snapping its four-day losing streak, BSE benchmark Sensex on Tuesday regained 86 points in a session marked by high volatility as investors treaded cautiously ahead of the crucial US Fed meet.

Overall market sentiments, however, turned a bit optimistic in view of lower crude oil prices and strengthening rupee. The BSE gauge swung nearly 300 points before settling 85.55 points, or 0.22 percent, higher at 39,046.34. The index hit an intra-day high of 39,167.83 and a low of 38,870.96.

The broader NSE Nifty closed 19.35 points, or 0.17 percent, higher to close at 11,691.50. During the day, the index touched a high of 11,727.20 and a low of 11,641.15.

Top gainers in the Sensex pack included Vedanta, Coal India, ICICI Bank, PowerGrid, HCL Tech and Bajaj Finance, rising up to 2.65 percent.

On the other hand, Yes Bank was the biggest losers, cracking 5.94 percent, followed by Maruti, Asian Paints, Sun Pharma and HDFC twins, shedding up to 2.20 percent.

Shares of Jet Airways plummeted 40.48 percent after State Bank of India-led consortium of lenders Monday decided to send the grounded Jet Airways to the National Company Law of Tribunal (NCLT) as they have not yet received any concrete proposal for the airline.

Investors have turned cautious ahead of the US Federal Reserve’s policy meeting, scheduled to begin later in the day, traders said.

According to experts, market is finding it difficult to sustain at elevated levels on the back of muted corporate earnings, slow monsoon season, continuous corporate defaults and developing concerns of India-US trade disagreements.

Elsewhere in Asia, while Nikkei ended significantly lower, Hang Seng, Nikkei and Kospi settled on a positive note. Stock exchanges in Europe were also trading in the green in early deals.

On the currency front, the Indian rupee appreciated 22 paise to 69.69 against the US dollar intra-day. Brent crude futures, the global oil benchmark, slipped 0.64 percent to USD 60.55 per barrel.

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