Sensex, Nifty inch up amid uncertainty

Mumbai: Equity benchmark indices Sensex and Nifty bounced back from intra-day lows to settle higher on Wednesday, supported by a fag-end buying in market heavyweights Reliance Industries, ICICI Bank and HDFC Bank. Investors preferred to stay cautious ahead of macroeconomic data like IIP and inflation to be released this week, traders said.

After a muted opening, the BSE benchmark swung between gains and losses before settling 271.50 points or 0.38 per cent higher at 71,657.71 points. The index hit a low of 71,110.98 and a high of 71,733.84 during the session. The Nifty advanced 73.85 points or 0.34 per cent to 21,618.70.

“The weakness in global indices continued to weigh down the domestic indices with every up move. The market is looking for fresh triggers for a direction, and the release of US and Indian inflation data may provide a near-term direction in the market.