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Oil & gas, infra drive markets up
Stock markets continued their rising streak by climbing higher on Wednesday as oil & gas, infra and IT counters witnessed increased buying. Persistent foreign inflows and solid fourth quarter numbers announced by companies so far also improved the market sentiment.
Sensex adds 57 points; Nifty hits 6-month high
Mumbai: Stock markets continued their rising streak by climbing higher on Wednesday as oil & gas, infra and IT counters witnessed increased buying. Persistent foreign inflows and solid fourth quarter numbers announced by companies so far also improved the market sentiment.
The market benchmark Sensex added to its Tuesday's rally by gaining 57 points on Wednesday and the NSE Nifty pulled off a nearly 6-month closing high.
At one point, the 30-share BSE Sensex slipped below the 26,000-mark after participants locked in gains in a few blue-chips amid weak Asian cues. However, covering-up of short positions ahead of Thursday's expiry saved the day as the benchmark settled higher by 56.82 points, or 0.22 per cent, at 26,064.12.
The gauge had gained 328 points in the previous session. The 50-share NSE Nifty rose 17.25 points, or 0.22 per cent, to 7,979.90 at the close - its biggest closing since November 4, 2015.
Sentiment took on more shine after global crude rallied to this year's high, backed up by a falling output and a weaker dollar. The US benchmark Brent crude oil surged 2.34 per cent to 46.81 per barrel in global market. The rupee, on a firmer ground against the dollar, also had a bearing on the market mood.
For the better part of the day, the Sensex and the Nifty remained in the grip of volatility in view of upcoming expiry in the derivatives segment. Adani Ports emerged as the star performer and closed 5.09 per cent up, followed by Bharti Airtel (3.54 per cent) ahead of its quarterly earnings. ONGC, GAIL, M&M, ITC, Asian Paints and Wipro ruled high.
As many as 17 constituents in the 30-share Sensex gained. Oil and gas jumped the most by 1.23 per cent, followed by infrastructure 1.12 per cent and FMCG 1.02 per cent. The broader markets too displayed a firm trend as retail investors widened positions, with BSE small-cap index rising 0.28 per cent and mid-cap 0.13 per cent.
Foreign funds continued their buying spree and bought shares worth Rs 512.22 crore on Tuesday, as per provisional data. Overseas , Asia and Europe traded lower as investors chose to remain cautious ahead of the outcome of the US Federal Reserve. Focus is also on the Bank of Japan, which is set to meet on Thursday.
