MUMBAI: Equity benchmark indices Sensex and Nifty extended their winning streak to a third consecutive session, buoyed by a rally in global markets after lower-than-expected US consumer inflation bolstered hopes for further rate cuts by the Federal Reserve.
The 30-share BSE Sensex climbed 318.74 points or 0.42 per cent to close above the 77000 mark at 77042.82. During intraday trade, it jumped 595.42 points or 0.77% to touch 77319.50. Similarly, the NSE Nifty advanced 98.60 points or 0.42% to end at 23311.80.
Positive momentum
Benchmark indices continued their positive momentum, albeit off intraday highs, driven by investor optimism following mild US inflation data that raised expectations of a potential Fed rate cut.
“Aceasefire in the Israel-Hamas conflict and a reduced trade deficit further fueled market gains. However, weak UK economic growth data tempered some of this enthusiasm,” said Vinod Nair, Head of Research at Geojit Financial Services.
Among the top gainers in the Sensex pack were Adani Ports, State Bank of India (SBI), Bajaj Finserv, Bharti Airtel, Tata Motors, IndusInd Bank, NTPC, Maruti, Reliance Industries, and Axis Bank.
Losers
On the other hand, HCL Tech, Nestle, Infosys, Hindustan Unilever, ITC, and Tata Consultancy Services ended in the red.
Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, closed in positive territory. European equities were also trading higher, while US markets posted robust gains on Wednesday.
Foreign Institutional Investors (FIIs) sold equities worth Rs4533.49 crore on Wednesday, as per exchange data.
Meanwhile, global oil benchmark Brent crude dipped 0.18 per cent to $81.88 per barrel.
In the previous session on Wednesday, the BSE Sensex had risen 224.45 points or 0.29 per cent to close at 76724.08, while the Nifty gained 37.15 points or 0.16 per cent to end at 23213.20.
