Markets settle with modest gains in highly volatile trade

Mumbai: Equity benchmarks eked out marginal gains to settle in the positive zone after swinging between gains and losses during the session on Wednesday amid weakness in global bourses.

In a trade marked with highs and lows, the 30-share BSE Sensex climbed 54.13 points or 0.09 per cent to settle at 59,085.43. During the day, it hit a high of 59,170.87 and a low of 58,760.09.

Similarly, the broader NSE Nifty went up by 27.45 points or 0.16 per cent to 17,604.95.

From the Sensex pack, IndusInd Bank, NTPC, Larsen & Toubro, ICICI Bank, Power Grid, HDFC, Kotak Mahindra Bank and Asian Paints were the biggest gainers.

On the other hand, Tata Steel, Tata Consultancy Services, Titan, Sun Pharma and State Bank of India were among the major laggards.

In Asia, markets in Shanghai, Tokyo and Hong Kong settled lower, while Seoul ended in the green.

Stock markets in Europe were trading lower during mid-session deals. Wall Street had ended lower on Tuesday.

"Bulls and bears continued to battle it out in the domestic market as weak global cues persisted, keeping the market under pressure.

"The US economy contracted amid muted demand conditions with the service sector witnessing a sharp decline. Markets in Europe experienced a protracted sell-off as a result of investor's concern over the oil crisis and the uncertain growth outlook," said Vinod Nair, Head of Research at Geojit Financial Services.

Meanwhile, the international oil benchmark Brent crude jumped 1.04 per cent to USD 101.3 per barrel.

Foreign Institutional Investors (FIIs) bought shares worth Rs 563 crore on Tuesday, according to exchange data.