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Sensex, Nifty log 3rd straight day of gains

Thursday, March 14, 2019

Indian bourses yesterday looked beyond global market uncertainties to continue their unabated rally for a third day in a row, with the Sensex and the Nifty logging gains led mainly by banking and energy stocks.

The 30-share BSE index ended 216.51 points, or 0.58%, higher at 37,752.17. The broader NSE Nifty closed with gains of 40.50 points, or 0.36%, at 11,341.70.

In the Sensex pack, IndusInd Bank rallied 4.15%. Other gainers included Yes Bank, Bajaj Finance, HDFC Bank, SBI, Bajaj Auto, RIL, HCL Tech, HDFC and ICICI Bank -- rising up to 3.67%.

On the other hand, Bharti Airtel emerged as top loser with 4.08% fall on the Sensex list. Other major laggards were Vedanta, Sun Pharma, Tata Steel, ONGC, Tata Motors, NTPC and Coal India -- shedding up to 3.48%. On Sensex, 13 stocks closed with gains and 17 saw losses.

Among the main reasons behind the market rally are sustained foreign fund inflows and strengthening rupee, according to analysts.

On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 2,477.72 crore on Tuesday, provisional data available with BSE showed.

Strengthening gains, the Indian rupee yesterday further appreciated by 17 paise to close at 69.54 against the US dollar.

Besides, experts believe that markets have started anticipating a better performance by the ruling NDA government in the upcoming general election, helping investors develop risk appetite.

However, global investors remained jittery over uncertainties around Brexit developments. The global market weakness also had its impact on Indian equities, though in a limited sense as metal, pharma and teck sector stocks saw sell-off.

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