Sensex rises by 267 points, Nifty gains for 5th day on purchase of RIL, Infosys
State Bank of India, JSW Steel, Axis Bank, ICICI Bank, Tata Steel and Tata Motors were among the laggards
Benchmark Sensex advanced 267 points while Nifty closed higher for the fifth day in a row on Wednesday after buying bluechips Reliance Industries and Infosys amid mixed signals from global markets.
The 30-share BSE Sensex climbed 267.75 points or 0.36 percent to settle at 74,221.06. During the day, the price rose by 354.48 points or 0.47 percent to 74,307.79.
The NSE Nifty extended gains to the fifth straight day, rising 68.75 points or 0.31 percent to end at 22,597.80. FMCG and real estate stocks supported the uptrend, while banking and metal stocks fell.
“Despite mixed global market sentiment ahead of the US Fed minutes, Indian markets showed a subtle positive trend. Investors are optimistic about steady fourth-quarter earnings and easing election fears that had previously increased volatility.
“Interest in the FMCG sector has increased due to the likelihood of an early onset of monsoon. Nevertheless, markets may underperform in the short term as they wait for the election results, with FIIs remaining on the sidelines,” says Vinod Nair , head of research. , said Geojit Financial Services.
Among the Sensex companies, Hindustan Unilever, Reliance Industries, Infosys, Asian Paints, ITC and UltraTech Cement were the biggest gainers.
State Bank of India, JSW Steel, Axis Bank, ICICI Bank, Tata Steel and Tata Motors were among the laggards
“Nifty ended a range-bound session on a positive note. Nifty moved higher for the fifth straight session and recorded the longest winning streak since April 25,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
In the broader market, the BSE’s smallcap index rose 0.18 per cent, while the midcap index fell 0.05 per cent.
Among the indices, real estate rose 1.41 percent, FMCG 1.26 percent, IT 0.63 percent, utilities 0.59 percent, energy 0.58 percent and healthcare 0.35 percent.
Commodities, financial services, bankex and metals were the laggards.
In Asian markets, Shanghai settled into positive territory, while Seoul, Tokyo and Hong Kong finished lower. European markets traded lower. Wall Street finished in the green on Tuesday.
The global oil benchmark Brent crude fell 0.84 percent to USD 82.18 per barrel.
Foreign institutional investors (FIIs) offloaded shares worth Rs 1,874.54 crore on Tuesday, according to stock market data.
The benchmark BSE fell 52.63 points or 0.07 percent to settle at 73,953.31 on Tuesday. However, the Nifty ended higher by 27.05 points or 0.12 percent to 22,529.05.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: May 23, 2024 | 12:07 pm IST