Sensex, Nifty rise for 7th straight session; financial stocks jump
By Koustav Das: Benchmark stock market indices ended higher for the seventh consecutive session, registering the longest winning streak in over four months.
Today’s positive run was supported by a strong jump in financial stocks on the back of strong quarterly updates.
The S&P BSE Sensex ended 311.21 points higher at 60,157.72, while the NSE Nifty 50 settled at 17,722.30 after gaining 98.25 points.
Broader markets also gained momentum ahead of the Q4 corporate earnings season.
Most of the major sectoral indices ended the trading session in positive territory, with financial and banking stocks leading from the front.
On the other hand, the Nifty IT index ended over 1.2 per cent lower, while realty and consumer durable stocks fell marginally.
The top gainers on the Nifty 50 index were Kotak Mahindra Bank, JSW Steel, Eicher Motors, Bajaj Auto and Tata Steel. Tech companies such as TCS, Infosys, HCL Tech, Wipro and Tech Mahindra were the top losers on the 50-share index.
Going forward, the mood on Dalal Street will be dictated by Q4 corporate earnings and analysts expect BFSI and auto companies to report strong growth in the quarter ended March.
Investors will also keep a close eye on consumer inflation data that will be released tomorrow.
According to economists, retail inflation eased to 5.80 per cent in March, dipping below the Reserve Bank of India’s upper tolerance limit for the first time in 2023.
ByIndiatoday
