Mumbai: Equity benchmark indices Sensex and Nifty closed higher for the third straight day Wednesday following buying in blue-chip banking stocks and fresh foreign fund inflows as retail inflation slipping to near six-year lows raised hopes of further rate cuts.
Defying a weak global market trend, the 30-share BSE Sensex climbed 309.40 points or 0.40 per cent to settle at a two-week high of 77,044.29 in a volatile session. During the day, it hit a high of 77,110.23 and a low of 76,543.77, gyrating 566.46 points.
The NSE Nifty rallied 108.65 points or 0.47 per cent to 23,437.20.
From the Sensex shares, IndusInd Bank jumped 7.12 per cent. Axis Bank, Adani Ports, Asian Paints, Bharti Airtel, State Bank of India and ITC were also among the gainers.
Maruti, Infosys, Tata Motors, Larsen & Toubro, NTPC and Bajaj Finance were among the laggards.
Foreign Institutional Investors (FIIs) turned buyers after days of selling as they bought equities worth Rs 6,065.78 crore Tuesday, according to exchange data.
“Globally, markets are undergoing fresh consolidation as tariff tensions intensify… Amidst global weakness, the Indian market exhibited a mild positive sentiment in anticipation that the trade fight between the US & China will not harm but benefit India, and March’s CPI inflation which is at a nearly 6-year low is indicative of further rate cuts in the near future,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Domestically, the Q4 FY25 earnings season has started on a weak note. Overall expectations remain subdued, suggesting potential profit booking at higher levels, Nair added.
In Asian markets, South Korea’s Kospi index, Tokyo’s Nikkei 225 and Hong Kong’s Hang Seng settled lower. Shanghai SSE Composite index ended higher. European markets were quoting lower. US markets ended in the negative territory Tuesday.
Global oil benchmark Brent crude jumped 0.91 per cent to USD 65.22 a barrel.
Rallying for the second straight session Tuesday, the Sensex jumped 1,577.63 points or 2.10 per cent to settle at 76,734.89. The Nifty surged 500 points or 2.19 per cent to 23,328.55.
PTI
