Markets rise for 3rd session amid weak global cues

Mumbai: Equity benchmark indices – Sensex and Nifty- extended their rally for the third straight session on Wednesday amid buying in index majors IndusInd Bank, Nestle India and HCL Tech.

However, continuous foreign fund outflows and a weak trend in global equities restricted gains in the market, traders said.

The 30-share BSE Sensex climbed 169.9 points or 0.3% to settle at 60,300.6. During the day, it jumped 232.1 points or 0.4% to 60,362.8.

“The domestic bourses mirrored the mood on Wall Street as soft economic data and underwhelming earnings dragged US equities to a weak close yesterday. However, the market gradually recovered after an uptick in US futures, with the earnings of tech companies providing support.

Markets rise for 3rd session ,
Markets rise for 3rd session

“Adding to investors’ concerns about a possible recession, the US consumer confidence data for April hit a nine-month low ahead of the upcoming Fed policy meeting,” said Vinod Nair, head of research at Goji Financial Services.

Power Grid was the big- gest gainer among the Sensex components, spurting 2.6%, followed by IndusInd Bank, Larsen & Toubro, Nestle, HCL Tech, Axis Bank, Tata Mo- tors, HDFC Bank, Tata Con- sultans Services and HDFC were the major winners. On the other hand, Bajaj Fiserv, NTPC, Reliance Industries and Kotak Mahindra Bank were the biggest laggards, dropping up to 0.8%.

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