Sensex, Nifty mark longest winning run in over three years | business news | Hindustan Times
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Sensex, Nifty mark longest winning run in over three years

The BSE Sensex settled the day 89.63 points, or 0.26%, higher at 34,395.06, its highest level since February 26 when it settled at 34,445.75.

business Updated: Apr 17, 2018 18:08 IST
The BSE Sensex had gained 1,286.36 points in the previous eight sessions.
The BSE Sensex had gained 1,286.36 points in the previous eight sessions.(Abhijit Bhatlekar/ Mint)

Indian stocks clocked their ninth straight gains on Tuesday, the longest winning streak in over three years, with the benchmark BSE Sensex rising nearly 90 points after the Met department’s normal monsoon forecast further lifted investor sentiments.

Positive cues from other Asian markets and a higher opening in European shares following an encouraging lead from Wall Street had a good influence on trading.

This nine-session winning run is the longest for the equity benchmarks BSE Sensex and NSE Nifty since September 2014.

The Meteorological Department forecast that the country will receive “normal” monsoon rainfall this year, raising hopes of higher farm output and a boost for the rain-dependent rural economy.

“Market remains in a trading range led by normal monsoon forecast and positive earnings expectation. However, underlying caution ahead of state election and volatility in crude price refrained the market from a decisive upmove. IT index slid despite a weak INR as lowering of margin guidance for FY19 added concerns in the mind of investors,” Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.

The World Bank forecast a growth rate of 7.3% for India this year and 7.5% for 2019 and 2020, and noted that the country’s economy has recovered from the effects of demonetisation and the Goods and Services Tax.

Power, realty, FMCG, consumer durables, metal, infra, PSU and oil and gas and banking stocks emerged front-runners on sustained buying by participants.

However, IT, teck, healthcare and auto stocks saw profit-booking.

The 30-share Sensex opened on a strong footing and moved ahead to hit the day’s high of 34,434.14 as buying momentum picked up.

But gains were trimmed due to profit-booking at higher levels and the barometer slipped into negative zone to touch a low of 34,229.83 before settling 89.63 points, or 0.26%, higher at 34,395.06, its highest level since February 26 when it settled at 34,445.75.

The gauge had gained 1,286.36 points in the previous eight sessions.

On similar lines, the NSE Nifty gathered 20.35 points, or 0.19%, to close at 10,548.70, after moving in the range of 10,560.45 and 10,495.65.

Meanwhile, foreign portfolio investors sold shares worth Rs 308.13 crore on a net basis, while domestic institutional investors sold equities to the tune of Rs 28.97 crore yesterday, provisional data showed.

Stocks of jewellery and ornament makers turned buyers’ fancy ahead of ‘Akshaya Tritiya’ tomorrow, considered as an auspicious day for buying precious metals.

Among the BSE Sensex constituents, Power Grid emerged as the best performer by surging 2.94%, followed by NTPC 1.99%.

Other big gainers include HUL 1.83%, ICICI Bank 1.50%, ITC Ltd 1.23%, Bharti Airtel 1.09%, M&M 1.05%, HDFC Ltd 1.03%, Coal India 0.88%, Bajaj Auto 0.88%, HDFC Bank 0.79%, RIL 0.69% and Tata Steel 0.58%.

In contrast, IT stocks led by Wipro fell 1.14%. Infosys was down 0.69% and TCS declined 0.59% due to selling pressure.

Sector-wise, the BSE power index ended 1.23% higher followed by realty 1.21%, consumer durables 1.05%, FMCG 1.05%, infrastructure 0.56%, oil & gas 0.46%, PSU 0.44%, metal 0.25% and bankex 0.05%.

While IT index declined 0.38%, teck shed 0.36%. Auto was down 0.23%, followed by healthcare 0.21% and capital goods 0.19%.

The broader markets too continued to rule firm as investors were seen enlarging their bets, lifting the small-cap and mid-cap indices by 0.28% each.

Jewellery maker counters like Tribhovandas Bhimji Zaveri moved up 5.77%, while Titan Company rose 1.55% and PC Jeweller 1.53%.

Globally, in the Asian region, Japan’s Nikkei moved up 0.06% and Singapore rose 0.13%, while Hong Kong’s Hang Seng fell 0.83% and Shanghai Composite index slid 1.41%.

In the Eurozone, Frankfurt’s DAX rose 0.66% and Paris CAC was higher 0.31% in the early session. London’s FTSE edged higher 0.05%.