Mumbai: Bouncing back towards the fag-end of the session in an otherwise choppy trade, the benchmark BSE Sensex on Tuesday closed nearly 5 points higher at 27,990.21 with gains in IT, PSU and banking stocks, tracking a higher opening in the European markets.
However, a mixed trend on Asian bourses amid investors awaiting cues on whether the Federal Reserve would raise US interest rates this year kept investors edgy.
Besides, a cautious approach by participants ahead of the August-month expiry in the derivatives segment on Thursday too influenced the domestic trading sentiment.
Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services Ltd, said, "Market remains range-bound with a positive bias due to a slight recovery in European markets. On the other hand, global market is shifting its focus to the possibility of a rate hike in the US by December 2016, which will cast a shadow on the domestic market."
He further said, "The domestic market is losing its trend to rate sensitive stocks post the announcement of the new RBI Governor who is likely to maintain a cautious stance on interest rate cut."
The 30-share Sensex after a higher opening at 28,012.56, quickly slipped into the negative zone as profit-booking emerged and touched a low of 27,854.43.
However, on emergence of buying in the last half-an-hour of trading, it bounced back to wipe out early losses and settled 4.67 points, or 0.02 per cent, higher at 27,990.21.
The gauge had lost nearly 138 points in the previous two sessions.
Also, the NSE Nifty ended 3.45 points, or 0.04 per cent, higher at 8,632.60 after moving in a range of 8,642.15 to 8,580.00.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 300.50 crore yesterday, as per provisional data.
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