Sensex, Nifty rise for third day on gains in HDFC Bank, Reliance
Mumbai: Stock markets ended on a positive note on Wednesday, taking their winning momentum to the third day running due to heavy buying in market heavyweights L&T, HDFC Bank and Reliance Industries amid fresh foreign fund inflows.
However, intense selling in blue-chip IT stocks put some pressure on the markets ahead of the US Fed policy decision.
The 30-share BSE benchmark Sensex climbed 147.79 points or 0.20 percent to settle at 75,449.05. During the day, it advanced 267.12 points or 0.35 percent to 75,568.38.
The NSE Nifty rose 73.30 points or 0.32 percent to 22,907.60.
From the Sensex pack, Tata Steel, Zomato, Power Grid, UltraTech Cement, IndusInd Bank, Larsen & Toubro, Adani Ports, NTPC, State Bank of India and Reliance Industries were among the major gainers.
On the other hand, Tech Mahindra, Tata Consultancy Services, ITC, Infosys, Sun Pharma, Maruti, HCL Tech, and Nestle were among the laggards.
“The domestic market continued its positive momentum, as part of the recent correction was justified by valuation. The sustainability of the relief rally depends on a revival in fundamentals. The recovery was broad-based, while metal stocks gained attention after the government decided to impose a tax on steel imports.
“In light of trade uncertainties and growth concerns, today’s FED policy and the commentary will be keenly watched by investors to get cues on interest rates,” Vinod Nair, Head of Research, Geojit Financial Services, said.
In Asian markets, Seoul and Hong Kong settled in the positive territory, while Tokyo and Shanghai ended lower. European markets were trading on a mixed note. US markets ended in the negative zone on Tuesday.FIIs turned buyers on Tuesday as they bought equities worth Rs 694.57 crore, according to exchange data. DII also bought equities worth Rs 2,534.75 crore. Global oil benchmark Brent crude dipped 0.78 percent to USD 70.01 a barrel.
On Tuesday, the Sensex jumped 1,131.31 points or 1.53 percent to settle at 75,301.26. The Nifty surged 325.55 points or 1.45 percent to 22,834.30.
