Sensex goes through volatility to settle in green, snaps 5-day losing run

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MUMBAI: The domestic key indices went through a see-saw movement to settle in the positive territory on Thursday. The indices also snapped their five-day losing run and ended with gains.

The indices went through volatility tracking most of the global markets which strengthened after Swiss National Bank stepped in to take stock of the Credit Suisse’s shares fall.

BSE Sensex, after a lot of volatility, went up 78 points to finally settle at 57,634.84 while NSE Nifty lost 13 points at 16,985.60 and ended below 17,000 level.

The top gainers on the Nifty 50 were BPCL, Hindustan Unilever Asian Paints, Nestle India and Titan while the losers were Hindalco, Tata Steel, IndusInd Bank, JSW Steel and HDFC Life.

Patanjali Foods shares touched a lower circuit on Thursday. It fell 5 per cent to Rs 912.90 after the company failed to increase its public shareholding from 19.18 per cent to 25 per cent within the stipulated time, following which NSE and BSE have frozen the shareholding of promoters and promoter group.

According to a statement, the promoters of Patanjali Foods said they do not foresee any adverse or negative impact on the financial position of the company owing to the instant freeze of promoters’ shareholding by the stock exchanges.

The issue triggered by the bankrupt Silicon Valley Bank still loomed large as countries and financial institutions scrambled and went on a damage control to insulate from the debt fallout, threatening the startup scene.

Credit Suisse shares soared on Thursday after Switzerland’s central bank stepped in to support the lender, triggering a rally in bank stocks across Europe on easing investor concern that the firm’s troubles would trigger a global banking crisis.

In US markets, Dow Jones dropped 280 points, S and P lost 606 points, indices Nasdaq and NYSE were trading in the positive territory and S&P 500 lost 27 points.

European markets advanced on Thursday as embattled lender Credit Suisse moved to shore up its liquidity position ahead of a European Central Bank policy-setting meeting. However, Asian stocks declined across the board in today’s session. (ANI)

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