Markets close higher amid volatile trade ahead of Fed policy meet

Mumbai: Markets closed higher in a highly volatile trade on Monday as investors turned cautious ahead of the US Federal Reserve interest rate decision.

After gyrating between gains and losses, the 30-share BSE Sensex settled higher by 104.99 points or 0.14 per cent at 72,748.42. The broader Nifty of the NSE rose by 32.35 points or 0.15 per cent, to close at 22,055.70 as 21 of its components advanced and 29 declined.

Reliance Industries which was the major contributor to Sensex and Nifty gains, settled higher by 1.45 per cent. Tata Steel rose the most by 5 per cent among Sensex shares.

Mahindra & Mahindra, JSW Steel, Tata Motors, Axis Bank, Sun Pharma, RILand Maruti were the other biggest gainers.

IT shares on the other hand declined amid concerns over interest rates in the US market. Infosys fell the most by 1.99 per cent among Sensex shares. Tata Consultancy Services, Titan, Wipro, Hindustan Unilever and Nestle also declined.

In the broader market, the BSE midcap gauge climbed 0.04 per cent while the smallcap index dipped 0.07 per cent.

Among the indices, metal zoomed 2.88 per cent, auto jumped 1.08 per cent, commodities climbed 0.91 per cent, healthcare (0.88 per cent), realty (0.58 per cent) and consumer discretionary (0.47 per cent).

However, IT, consumer durables, tech, services and financial services were the laggards.