Equity indices close in the green but IT stocks drag

Equity benchmark indices ended higher in a volatile session on Thursday but the gains were capped by losses in IT and FMCG stocks.

The overall investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on the domestic and global economy.

The BSE S&P Sensex closed 223 points or 0.73 per cent lower at 30,603 while the Nifty 50 ticked up by 68 points or 0.76 per cent at 8,993.

Most sectoral indices at the National Stock Exchange were in the green except for Nifty IT which was down by 1.8 per cent and FMCG which edged lower by 0.6 per cent.

Among stocks, power utility major NTPC was the top gainer which closed 6.9 per cent higher at Rs 96.10 per share.

Metal giants Vedanta and Hindalco were up by 5.1 per cent each while private sector lenders ICICI Bank and IndusInd Bank gained by 4.7 per cent and 3.6 per cent respectively.

Titan, Sun Pharma, State Bank of India, UPL and Bajaj Finserv too traded in the positive terrain.

However, HCL Technologies lost by 3.9 per cent, Tech Mahindra by 3.7 per cent and Infosys by 1.9 per cent. The other prominent losers were Kotak Mahindra Bank, Bharti Airtel, Hindustan Lever, Hero MotoCorp and ITC.

Meanwhile, Asian stock markets were under pressure after data showed that US retail sales fell the most on record last month and manufacturing output fell by the most in 74 years.

The International Monetary Fund said growth in Asia will grind to zero for the first time in 60 years this year.

Japan's Nikkei was down by 1.3 per cent and Hong Kong's Hang Seng by 0.58 per cent while South Korea's Kospi lay flat. The Shanghai composite inched up by 0.3 per cent.

( With inputs from ANI )