Sensex reclaims 61K-level on Q3 optimism

Mumbai: The BSE gauge Sensex surged over 500 points to recapture the key 61,000-level on Wednesday as participants pinned hopes on robust quarterly results by companies. Extending its winning run for the fourth straight session, the 30-share Sensex settled 533.15 points or 0.88 per cent higher at 61,150.04. Intra-day, the index touched its highest point at 61,218.19. Similarly, the NSE benchmark Nifty climbed 156.60 points or 0.87 per cent to end at 18,212.35.

"Led by realty, auto, energy and banking stocks, benchmark indices continued their winning streak for the 4th consecutive day despite fast spread of Covid cases. Globally, sentiments were positive ahead of the release of US inflation data as the Fed Chair's testimony eased inflationary worries. Realty stocks continued their upward rally on healthy business updates resulting in improved outlook. The initial result updates of major IT firms will determine the momentum of the week ahead," said Vinod Nair, head (research) at Geojit Financial Services.

Ajit Mishra, V-P (research), Religare Broking, adds: "It is going to be a critical session on Thursday as participants will react to the results of IT majors Infosys, TCS and Wipro and macroeconomic data (IIP and CPI) in early trade. We're still seeing opportunities across the board so traders should maintain their focus on the selection part and align position accordingly."

Foreign institutional investors (FIIs) were net buyers in the capital market, as they bought shares worth Rs 111.91 crore on Tuesday, according to stock exchange data.