Closing Bell: Market extends gains into 4th session; Sensex jumps nearly 600 points, Nifty tops 17,550
Vinod Nair, Head of Research at Geojit Financial Services, said the domestic market is displaying resilience, unaffected by the weaker global peers, thanks to strong banks and NBFCs quarterly numbers, and the windfall tax cut.
Closing Bell: Indian equity market on Wednesday (April 5) ended in the green, extending its gaining streak into the fourth straight session ahead of the Reserve Bank of India’s monetary policy decision due tomorrow (April 6.) The benchmark indices BSE Sensex rose around 600 points while Nifty settled above 17,550 levels.
At the close, the BSE Sensex was up 586.87 points or 0.99 per cent to 59,693.31, while Nifty ended at 17,559.75, up 161.7 points or 0.93 per cent.
On the contrary, the broader markets, mainly Nifty Midcap 100 and Smallcap 100, ended mixed as the former closed flat with a negative bias, while the latter was up over 0.7 per cent.
Of 50 stocks on Nifty, 37 advanced and 13 declined. Larsen and Toubro surged the most by over 4 per cent after winning multiple contracts worth over Rs 7,000 crore. It was followed by HDFC twins, and ITC, each up between 2-3 per cent at the close on the NSE.
On the other hand, auto stocks were among the top laggards as Eicher Motors dipped the most - over 2 per cent, followed by Mahindra & Mahindra (down over 1 per cent). Among individual stocks, IndusInd Bank, NTPC, and Apollo Hospitals were the top losers.
On the sectoral front, Nifty FMCG, IT and Financial Services ended on the positive side while Nifty PSU Bank, Energy, and Nifty Auto ended marginally on the lower side.
Vinod Nair, Head of Research at Geojit Financial Services, said the domestic market is displaying resilience, unaffected by the weaker global peers, thanks to strong banks and NBFCs' quarterly numbers, and the windfall tax cut.
RBI is expected to announce a 25 basis points rate hike in its policy announcement on Thursday before taking a pause, which will be a positive for the market, he added.
Global markets were mixed as Japan's benchmark Nikkei 225 lost 1.7 per cent while South Korea's Kospi rose 0.6 per cent. Markets in Hong Kong and Shanghai were closed for holiday.
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