The Nifty 50 closed above the 10,000 mark for the first time since March on Wednesday. As the economy re-opens from lockdown.
The risk appetite of retail investors picks up in global markets.
Nifty 50 bluechip index and the S&P BSE Sensex gain traction by nearly 2 per cent in the early hours but gave up some gains in the last one hour.
The Nifty 50 closed at 0.83 per cent at 10,061.55 while the Sensex closed 0.84 per cent higher ar 34,109.54
“Market has fallen with higher than normal volumes in the last one hour after some selling from institutional participants,” said Deepak Jasani, head of research at HDFC Securities in Mumbai.
“Our economic situation also doesn’t warrant such a linear rise at this point of time and some reality is coming back among the participants,” he added.
On the other hand covid-19 cases in India surged past 200,000 as of Wednesday, with growth rate of new infections showing no sign of slowing.
An Individual stock namely InterGlobe Aviation Ltd, which runs India’s largest airline IndiGo, ended up 8.21 per cent, a day after it carried plans to cut costs, phase out older planes. They also posted a 8.73 billion rupees loss in March quarter.
Mahindra & Mahindra was the top gainer in Nifty 50 index, ending up 4.8 per cent today.
Meanwhile, world shares hit three-month highs on Wednesday and the dollar fell for the sixth day running as easing lockdowns and hopes for more monetary stimulus gave investors confidence.