Indian stock markets recovered to move into the green territory in the last hour of trade on Thursday after basket selling brought down benchmark indices. The BSE Sensex ended 49.71 points or 0.25% higher at 20,310.74 points, while NSE Nifty was up 13.90 points or 0.23%. Markets picked up from positive global cues as European indices opened on a positive note. DAX (1.07%), FTSE 100 (0.64%) and CAC 40 (0.99%) were all in the green at 4.00 pm IST.
“Globally, foreign institutional investors (FIIs) have been selling. Markets were down earlier on account of basket-selling,” said Vinay Khattar, head (research), Edelweiss. FIIs have sold $185.66 million worth of equities in 2014.
Experts expect markets to keep correcting and recovering. “Investors remain bullish in medim- to long-term. Markets are likely to see regular correction and recovery,” said Nirmal Jain, chairman, IIFL. "Markets are likely to remain volatile owing to global uncertainty," added Saurabh Mukherjea, CEO, institutional equities, Ambit Capital.
Among the Sensex stocks, Bharat Heavy Electricals Ltd (BHEL) (-2.43%) was the biggest loser. The power equipment maker on Wednesday reported 41% y-o-y decline in its net profit to Rs 695 crore. Axis Bank (-1.64%) and Cipla (-1.23%) were among other losers. Among sectoral indices, BSE Realty (-1.57%), BSE Capital Goods (-0.92%) and BSE Bankex (-0.23%) were the major losers.
Meanwhile, most Asian indices were trading in the green. Hang Seng (0.72%), Kospi (0.88%) and Jakarta Composite (0.92%) were the major gainers. Meanwhile, Nikkei (-0.18%) was marginally in the red.