Sensex reclaims 60,000 level

Mumbai: Equity benchmark Sensex stretched its winning run to the fourth straight session on Wednesday to reclaim the 60,000-level as robust gains in banking and financial stocks offset profit-booking in the IT pack. A rebounding rupee and continuous buying by foreign funds added to the momentum, traders said.

Overcoming a wobbly start, the 30-share BSE Sensex surged 367.22 points or 0.61 per cent to end at 60,223.15. The index last closed above the the key 60,000-mark on November 17, 2021. Similarly, the broader NSE Nifty climbed 120 points or 0.67 per cent to finish at 17,925.25.

"In a highly volatile session, the domestic market witnessed a recovery following a mild dip though the global sentiments were not in favour of bulls. Increasing Covid cases leading to stricter restrictions has pressurised market volatility. The banking sector outshone other sectoral indices as few private lenders reported double-digit business growth during the third quarter. IT stocks took a blow as investors awaited the onset of the quarterly results season. US and Asian markets traded weak ahead of the release of the US Fed meeting minutes, while European indexes held ground," said Vinod Nair, head (research) at Geojit Financial Services.

Ajit Mishra, V-P (research), Religare Broking, adds: "Markets have witnessed an excellent start to the calendar year but may now take a breather. Currently, the banking and finance majors are leading from the front so their performance would hold importance."