Stocks log steady gains amid Trump turmoil

Benchmarks ended higher for the third session on the trot on Wednesday as strong buying in tech and consumption stocks offset global concerns triggered by the US pulling out of the Iran nuclear deal.

IT counters spurted after the rupee hit fresh 15-month lows against the US currency, boosting the dollar revenues of software outsourcers.

The BSE Sensex moved up 103 points to 35,319.35, while the wider NSE Nifty finished at 10,741.70, up 23.90 points.

Crude oil climbed to the highest level since late 2014 at $77.07 per barrel after US President Donald Trump abandoned an international nuclear deal with Iran, ratcheting up geopolitical tensions and likely disrupting oil supplies. Back home, the 30-share Sensex opened weak and hit a low of 35,134.20 on profit-booking in recent gainers amid sustained outflows by foreign funds. It soon recovered to touch the day's high of 35,404.83, before finally ending at 35,319.35 — up 103.03 points, or 0.29 per cent. The 50-share NSE Nifty, too, moved in a wide range on hectic selling and buying and closed 23.90 points, or 0.22 per cent, higher at 10,741.70. Intra-day, it hovered between 10,689.85 and 10,766.25.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth ~9.23 billion while foreign institutional investors (FIIs) sold shares to the tune of ~971.5 million in Tuesday’s trade, provisional data showed. "The US decision to withdraw from nuclear deal with Iran added pressure on oil prices while gains in IT index owing to weaknesses in rupee and other stock specific buying led the bourses to close positive.

“Volatility in bond yield will impact companies’ margins which may lead to a cascading impact on earnings expectation,” said Vinod Nair, Head of Research, Geojit Financial Services. Tata Motors posted the biggest gain in the Sensex pack, jumping 2.79 per cent, after the company-owned Jaguar Land Rover (JLR) on Wednesday reported an 11.9 per cent rise in retail sales at 45,180 units in April.