Markets extend gains for 8th day; Nifty nears 18k, TCS Q4 in focus
3 min read . Updated: 12 Apr 2023, 05:40 PM IST
Premium- The BSE Sensex climbed 235.05 points or 0.39 per cent to settle at 60,392.77, while Nifty gained 90.10 points or 0.51 per cent to finish at 17,812.40
The benchmark indices Sensex and Nifty rallied for the eighth straight session on Wednesday, with buying in IT, healthcare and auto stocks amid sustained foreign fund inflows.
The BSE Sensex climbed 235.05 points or 0.39 per cent to settle at 60,392.77. During the session, it jumped 279.92 points or 0.46 per cent to 60,437.64.
The broader NSE Nifty gained 90.10 points or 0.51 per cent to finish at 17,812.40, with 38 of its scrips ending in the green.
In eight days, the BSE benchmark jumped 2,779.05 points or 4.82 per cent, while Nifty climbed 860.7 points or 5 per cent.
Among the Sensex firms, Infosys, Tata Motors, HDFC Bank, Asian Paints, Tech Mahindra, HDFC, Tata Consultancy Services (TCS), Sun Pharma and ICICI Bank were the biggest winners.
On the other hand, PowerGrid, NTPC, Nestle, UltraTech Cement, State Bank of India and ITC were among the laggards.
"The domestic market exhibited cautiousness in anticipation of the release of various economic data and the upcoming Q4 earnings season. The IT sector drove the optimism in the market as investors await the earnings releases of sector majors. Despite expectations of a cooling down of CPI inflation to below the RBI's upper tolerance level, the persistence of sticky core inflation remains a concern," said Vinod Nair, Head of Research at Geojit Financial Services.
In the broader market, the BSE midcap climbed 0.57 per cent and smallcap index gained 0.41 per cent.
Among sectoral indices, healthcare jumped 2.22 per cent, IT (1.04 per cent), auto (0.88 per cent), tech (0.86 per cent), consumer discretionary (0.74 per cent) and metal (0.51 per cent).
While, thirty-four of the Nifty 50 constituents advanced while 16 declined. While, Nifty Bank was up by 0.46 per cent to settle at 41,557.95.
In Nifty, Divi Laboratories, Bajaj Auto, Adani Enterprises, Eicher Motors, Dr Reddy were the major gainers, while Power Grid, NTPC, Nestle India, UltraTech cement, HUL were laggards.
“Nifty remained volatile during the day, with a predominately bullish bias. On the daily chart, the index has remained above the channel breakout, suggesting a positive reversal. The daily momentum indicator RSI is in bullish crossover and rising. The market will remain a buy on dips as long as the index remains above 17700. On the higher end, the rally may extend towards 17900/17970," said Ajit Mishra, VP - Technical Research, Religare Broking Ltd.
The rupee closed 3 paise higher at 82.09 (provisional) against the US dollar on Wednesday.
“Rupee traded in a small range between 82.00 - 82.10 as the market awaits the US CPI & India's CPI data later in the evening which can give a strong rally going ahead to rupee. With the dollar index also muted, the rupee stayed muted with no precise moves in Crude prices as well. CPI data coming lower on expectation will help the rupee going ahead as the FII's buying into Indian markets has been supported the rupee will further help the rupee to scale higher. Rupee range can be seen between 81.75-82.25 more likely rupee can go higher above 81.75 on current anticipated US CPI data at 5.2% vs 6% and India's CPI expected at 5.8% vs 6.44%," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Meanwhile, global oil benchmark Brent crude climbed 0.35 per cent to USD 85.91 per barrel.
Foreign Portfolio Investors (FPIs) further bought equities worth ₹342.84 crore on Tuesday, according to exchange data.