MUMBAI: The sensex stretched its winning run to the fourth straight session on Wednesday to reclaim the 60,000-level as strong gains in banking and financial stocks offset profit-booking in the IT pack. A rebounding rupee and continuous buying by foreign funds added to the momentum, traders said.
Overcoming a wobbly start, the sensex surged 367 points or 0.6% to end at 60,223. The index last closed above the the key 60,000-mark on November 17, 2021. Similarly, the broader NSE Nifty climbed 120 points or 0.7% to finish at 17,925.
Bajaj Finserv was the top gainer in the sensex pack, spurting over 5%. Market breadth was in favour of the bulls, with 18 of the 30 Sensex counters logging gains.
“In a highly volatile session, the domestic market witnessed a recovery following a mild dip though the global sentiments were not in favour of bulls. Increasing Covid cases leading to stricter restrictions has pressurised market volatility. The banking sector outshone other sectoral indices as few private lenders reported double-digit business growth during the third quarter. IT stocks took a blow as investors awaited the onset of the quarterly results season,” said Vinod Nair, research head, Geojit Financial Services.
Ajit Mishra, VP (research), Religare Broking, said markets have witnessed an excellent start to the calendar year but may now take a breather.
Foreign investors net bought shares worth Rs 1,274 crore on Tuesday.
Overcoming a wobbly start, the sensex surged 367 points or 0.6% to end at 60,223. The index last closed above the the key 60,000-mark on November 17, 2021. Similarly, the broader NSE Nifty climbed 120 points or 0.7% to finish at 17,925.
Bajaj Finserv was the top gainer in the sensex pack, spurting over 5%. Market breadth was in favour of the bulls, with 18 of the 30 Sensex counters logging gains.
“In a highly volatile session, the domestic market witnessed a recovery following a mild dip though the global sentiments were not in favour of bulls. Increasing Covid cases leading to stricter restrictions has pressurised market volatility. The banking sector outshone other sectoral indices as few private lenders reported double-digit business growth during the third quarter. IT stocks took a blow as investors awaited the onset of the quarterly results season,” said Vinod Nair, research head, Geojit Financial Services.
Ajit Mishra, VP (research), Religare Broking, said markets have witnessed an excellent start to the calendar year but may now take a breather.
Foreign investors net bought shares worth Rs 1,274 crore on Tuesday.
.