Indian shares ended well off their day’s highs on Thursday as investors weighed concerns over the second wave of coronavirus infections in the country against dovish signals from the Federal Reserve.
The benchmark 30-share BSE Sensex hit a high of 50,118.08 and a low of 49,581.61 before finally settling up 84.45 points, or 0.17 percent, at 49,746.21 on the back of positive cues from Asia and Europe.
The U.S. dollar traded near its lowest in more than two weeks versus major peers and yields on longer-term U.S. Treasuries dropped after the Federal Reserve in its latest policy meeting minutes gave no indication a tightening of monetary policy was imminent.
The broader NSE Nifty index ended up 54.75 points, or 0.37 percent, at 14,873.80, failing to cross the crucial resistance zone of 14,900.
Steel stocks soared, with JSW Steel climbing as much as 9.6 percent as Indian steel prices hovered near January 2021 highs and Jefferies India said it believes there is more headroom for the prices.
Hindalco, UltraTech, Shree Cement and Tata Steel surged 4-5 percent on hopes for a boom in investment and consumption spending, as the business cycle improves.
On the flip side, Bajaj Finance, ONGC, SBI Life, IndusInd Bank and Sun Pharma all fell around 1 percent.
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