Markets on roller-coaster ride

Mumbai: Benchmark BSE Sensex on Tuesday reversed its intra-day gains to close down by 100 points due to fag-end selling in FMCG, banking and IT stocks amid a weak opening in European stock markets.

The 30-share BSE index declined by 100.42 points or 0.19 per cent to settle at 53,134.35 points. The index opened higher and later jumped 631.16 points or 1.18 per cent to touch the day's high of 53,865.93 after buying in banking, metals, energy and pharma shares boosted by gains in most Asian markets.

However, the barometer lost steam in the pre-close session due to selling in IT, FMCG and select banking counters as European stock markets opened with losses on recession fears. The broader NSE Nifty also erased its intra-day gains and dipped 24.50 points or 0.15 per cent to close at 15,810.85.

"The current trend in the global market indicates that uncertainties around recession and tightening monetary policy continue to haunt investors' confidence. Dollar index opened sharply high affecting the performance of emerging currencies, depreciating INR," said Vinod Nair, head (research) at Geojit Financial Services.

"It was a roller-coaster ride for markets as the Nifty swung volatile in a broader range and finally settled around the day's low. The decline in the index can be attributed to the uncertain global markets and caution ahead of the earnings season," said Ajit Mishra, V-P (research), Religare Broking Ltd.