BackSensex, Nifty post gains for fifth day, Adani Ports, HDFC, SBI top gainers
BSE Sensex and NSE Nifty closed on the upside for the fifth day on Wednesday as upbeat Asian shares and a record close in the US created room for buoyancy
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Mumbai: The stock market closed on the upside for the fifth day on Wednesday as upbeat Asian shares and a record close in the US created room for buoyancy. For the Sensex, it was an over two-week high of 33,562, fuelled by infrastructure, PSU and auto stocks. Telecom, metal and healthcare came as dampeners.
Domestic investors remained at the forefront of buying, but remained cautious after US Federal Reserve chief Janet Yellen’s comments that the central bank is still inclined to raise interest rates gradually as it seeks to balance the risks of moving too fast and moving too slow.
Asian markets extended a global rally following another record close on Wall Street on strong world growth and rising corporate earnings. Hong Kong stocks breached the 30,000-mark for the first time in 10 years.
The BSE Sensex started off on a high, moving higher to 33,654.53, but then closed the session up 83.20 points, or 0.25%, at 33,561.55—highest closing since 6 November. During the day, however, it moved into the loss zone for a while. The gauge had gained 717.91 points in the previous four sessions as risk appetite returned after the Moody’s last week India sovereign credit rating upgrade by a notch to ‘Baa2’.
The broader Nifty scaled a high of 10,368.70, but profit- taking pulled it down as the index closed at 10,342.30, still up 15.40 points, or 0.15%. Intra-day, it briefly slipped into the red to touch a low of 10,309.55.
Adani Ports was the star stock, jumping 3.27%. Gains were also reported in HDFC Ltd, SBI, Asian Paints and Maruti Suzuki. Shares of Future Retail rallied 11.68% after the holding company Future Group said on Tuesday that it planned to open 10,000 member-only stores by 2022.
Domestic institutional investors maintained their buy status as they purchased shares worth a net Rs825.50 crore. Foreign portfolio investors sold equities worth a net Rs727.01 crore on Tuesday, showed provisional data.
BSE infrastructure index jumped and so did auto, PSU and capital goods indices. Broader markets were mixed, with BSE small-cap index rising 0.23% and mid-cap down 0.05%. European markets were flat to higher in their early session as traders awaited the British government’s annual budget.
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