Sensex, Nifty rise over 1% to close above 3-month high, rally extends for 3rd consecutive day

The benchmark BSE Sensex and Nifty rose more than 1 percent to close at three-month highs on Friday, following a pair of acquisitions by index majors Reliance Industries, Infosys and HDFC.

For the third consecutive day, the 30-share BSE barometer rose 712.46 points, or 1.25 percent, to settle at 57,570.25 — the highest close since April 25. During the day, it rose 761.48 points or 1.33 percent. 57,619.27 to the maximum.

The broader NSE Nifty rose 228.65 points, or 1.35 percent, to end at 17,158.25, with 43 stocks ending in the green.

Analysts said strong quarterly results, FII buying and expectations that the US Federal Reserve may scale back its aggressive rate hikes boosted investor sentiment.

“In India, the major positive for the market is that FIIs have reduced their selling significantly and turned away buyers for 8 days this month. The expected performance of financials remains good. Q1 results show opportunities for improvement in this segment,” VK Vijayakumar said. Principal Investment Strategist at Geojit Financial Services.

Tata Steel rose 7.27 percent to lead the biggest Sensex gainer.

Sun Pharma gained 5.45 percent, Bajaj Finserv 2.64 percent, IndusInd Bank 2.52 percent, Asian Paints 2.38 percent and Infosys 2.12 percent.

Reliance Industries rose 2.1 percent amid higher crude oil prices in the international market.

Read more| Sensex gains 1,041 points as bulls regain footing, Nifty nears 17,000

HDFC gained 1.85 percent after posting a 22 percent rise in Q1 profit on higher revenue driven by strong lending.

The 25 Sensex gainers were Bajaj Finance, Wipro, NTPC, Bharti Airtel, Nestlé, M&M, TCS and HDFC Bank.

On the other hand, Dr Reddy’s fell the highest by 3.96 per cent while Kotak Bank, SBI, ITC and Axis Bank were closed.

“Wall Street staged a strong recovery due to the slowdown in the US economy as the market felt that the aggressive monetary policy would end soon. This added confidence to the domestic market and the rupee strengthened against the dollar. Adding to the appetite for FIIs,” said Vinod Nair, head of research at Geojit Financial Services.

In the broader market, the BSE smallcap gauge rose 1.38 percent and the midcap index gained 1.01 percent.

All BSE sectoral indices ended in the green, with metals rising the highest at 4.59 per cent, followed by energy (2.41 per cent), basic materials (2.30 per cent), oil and gas (2.21 per cent), IT (1.71 per cent), tech (1.68 per cent). and consumer goods (1.47 percent).

In Asia, markets ended higher in Seoul, while Tokyo, Shanghai and Hong Kong fell amid growth concerns.

Markets in Europe traded in the green during mid-session deals. US markets ended higher on Thursday.

Meanwhile, international oil benchmark Brent crude rose 1.92 percent to USD 109.2 a barrel.

Foreign institutional investors became net buyers in the capital markets as they bought shares worth Rs 1,637.69 crore on Thursday.

— Ends —

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