The Indian market largely closed higher after a volatile session of trade. Benchmark indices, Sensex and the Nifty closed in the green, while Midcap Index closed lower.
The Sensex reversed losses from Wednesday to close 318 points higher at 34,663 and the Nifty gained 83 points to 10,514.
Nifty Bank also had a positive run, leading the index higher by 332 points to close above 26,000. IT and financials contributed over 90% to the index gain, led by Infosys, TCS, ICICI Bank and HDFC twins.
Autos & energy stocks had a bad day in office, with Tata Motors closing the trade as the biggest index loser after reporting a disappointing set of numbers for the fourth quarter. Other major losers were ONGC, GAIL, Maruti and Grasim.
On the earnings front, GAIL reported a weak set of numbers. Q4 profit came in at Rs 1,021 crore against the estimate of Rs 1,329 crore. Margins were also reported 370 basis points lower at 115 against the consensus.
Major drag was seen in the natural gas segment that saw revenue dropping 11% against the last quarter and EBIT falling 6%. From the pharma space, Granules reported 55% fall in profit to Rs 20.4 crore and margin slipped 1,310 bps to 8.7%. Some cheer came from the small caps like 20 Microns, Birla Cable, V-Mart and Manugraph India.
In the futures market, recovery in market reflects the support seen at 10,500 level for Nifty. The 10,500 Put option added almost 13 lakh shares in the open interest. 10,700 Call too gained some traction, with the option see a jump of 15% in the margin value. Nifty May Futures premium is at 8 points against a discount of 4 points on Wednesday.
On the global front, Asian stocks closed mostly lower, with investors cautious over fresh trade-related developments as the trade dispute between the U.S. and China remained in focus. In Japan, the Nikkei 225 declined 1.11% to 22,437.01 on the firmer yen, extending losses in the last session. Down Under, the S&P/ASX 200 edged up 0.1% to end at 6,037, with the heavily weighted financials subindex weighing.South Korea's benchmark Kospi, meanwhile, gave up early gains to close 0.2% lower at 2,466.01. Greater China markets were narrowly mixed. The Hang Seng Index edged higher by 0.1% 07 percent by 3:02 p.m. HK/SIN and on the mainland, the Shanghai composite slipped 0.44% to 3,154.89.