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Sensex, Nifty extend gains to 3rd day on global stocks rally

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MUMBAI, May 29 (PTI): Benchmark stock indices Sensex and Nifty rose for a third straight day on Monday amid positive trends in the US markets and continuous foreign fund inflows.

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Rising for a third session, the 30-share BSE Sensex climbed 344.69 points or 0.55 per cent to settle at 62,846.38 as 20 of its constituents ended in the green. During the day, it jumped 524.31 points or 0.83 per cent to 63,026.

The broader NSE Nifty gained 99.30 points or 0.54 per cent to end at 18,598.65 with 34 of its components closing in green.

In the three days of gains, Sensex rose by 1,072 points or 1.8 per cent while Nifty spurted by 313 points or 2 per cent. From the Sensex pack, Mahindra & Mahindra climbed 3.71 per cent after the company reported an 18 per cent jump in its consolidated profit for the March quarter and the highest-ever annual profit of Rs 10,282 crore in FY23.

Titan, Tata Steel, HDFC, UltraTech Cement, State Bank of India, ITC, IndusInd Bank, NTPC, HDFC Bank and Bajaj Finserv were the other major gainers.

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HCL Technologies, Power Grid, Maruti, Wipro, Tata Consultancy Services, ICICI Bank, Infosys, Tech Mahindra and Hindustan Unilever were the laggard.

“The domestic benchmarks experienced a strong rally and came close to life-time highs, primarily driven by positive global cues and robust predictions of domestic economic growth..

“An in-principle approval from US leaders for raising the US debt ceiling has generated optimism among global investors, who are now anticipating the next monetary plan of the Fed and economic data points,” said Vinod Nair, Head of Research at Geojit Financial Services.

In the broader market, the BSE midcap gauge climbed 0.41 per cent and smallcap index advanced 0.30 per cent.

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“On Monday, the benchmark indices showed positive growth supported by global cues. Metal, realty, and financial sectors saw increased buying activity, whereas IT stocks experienced profit-booking at higher levels during the day,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd..

Among the indices, consumer durables jumped 1.58 per cent, metal climbed 1.38 per cent, financial services (0.81 per cent), realty (0.80 per cent), commodities (0.79 per cent) and auto (0.63 per cent)..

Oil & Gas, IT, teck and energy were the laggards.

In Asian markets, Tokyo and Shanghai ended in the green, while Hong Kong settled lower. European markets were trading mostly lower. The US market ended with significant gains on Friday.

With days to spare before a potential first-ever government default, US President Joe Biden and House Speaker Kevin McCarthy reached a final agreement Sunday on a deal to raise the nation’s debt ceiling and worked to ensure enough Republican and Democratic votes to pass the measure in the coming week.

Foreign Institutional Investors (FIIs) were net buyers on Friday as they bought equities worth Rs 350.15 crore, according to exchange data.

Meanwhile, global oil benchmark Brent crude dipped 0.17 per cent to USD 76.82 a barrel.

The BSE benchmark jumped 629.07 points or 1.02 per cent to settle at 62,501.69 on Friday. The Nifty climbed 178.20 points or 0.97 per cent to end at 18,499.35.

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The Hills Times
The Hills Timeshttp://www.thehillstimes.in
The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur.
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