MUMBAI: Equity markets extended their winning streak for the third consecutive session on Wednesday, wirth Sensex gaining 147.79 points, upported by strong buying in heavyweights such as Larsen & Toubro, HDFC Bank, and Reliance Industries, alongside fresh foreign fund inflows.
However, selling pressure in IT stocks weighed on the indices ahead of the US Federal Reserve’s policy decision.
The 30-share BSE Sensex gained 147.79 points or 0.20 per cent to close at 75,449.05 after rising as much as 267.12 points or 0.35 per cent to 75,568.38 during intraday trade. The NSE Nifty climbed 73.30 points or 0.32 per cent to settle at 22,907.60.
Among the Sensex gainers were Tata Steel, Zomato, Power Grid, UltraTech Cement, IndusInd Bank, Larsen & Toubro, Adani Ports, NTPC, State Bank of India, and Reliance Industries.
On the losing side, Tech Mahindra, Tata Consultancy Services, ITC, Infosys, Sun Pharma, Maruti, HCL Tech, and Nestle dragged the indices lower.
Recovery broadbased
“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 Federal Reserve policy and commentary will be keenly watched by investors for cues on interest rates,” said Vinod Nair, Head of Research at Geojit Financial Services.
Among Asian markets, Seoul and Hong Kong closed higher, while Tokyo and Shanghai ended in the red. European markets were trading mixed, while US stocks closed lower on Tuesday.
Foreign Institutional Investors (FIIs) turned net buyers on Tuesday, purchasing equities worth Rs694.57 crore, according to exchange data. Domestic Institutional Investors (DIIs) also bought shares worth Rs2,534.75 crore.
Brent crude, the global oil benchmark, slipped 0.78 per cent to $70.01 per barrel.
On Tuesday, the Sensex had jumped 1,131.31 points or 1.53 per cent to close at 75,301.26, while the Nifty surged 325.55 points or 1.45 per cent to 22,834.30.
