Sensex, Nifty advance for the 7th straight day

Sensex, Nifty advance for the 7th straight day

Mumbai: The key indices continued their positive momentum, logging a seventh straight session of gains, riding specific large caps and upbeat sentiments over sustained foreign fund inflow.

“Buying emerged in the late afternoon session on the back of positive European markets,” said Deepak Jasani of HDFC Securities.

The S&P BSE Sensex gained 268.40 points (0.70 percent) to close at 38,363.47 and the Nifty jumped 70.20 points (0.61 percent) to close at 11,532.40.

“Market gained strength towards closing following a range-bound movement, the rally was broad-based characterised by the out-performance of large caps,” said Vinod Nair, Head of Research, Geojit Financial.

The Indian rupee witnessed selling pressure following a continuous surge against the US dollar, while domestic bond yields inched higher as investors awaited the US Fed policy outcome, scheduled to be announced on Wednesday, Nair said.

The Reserve Bank of India’s (RBI) interference through open market operations (OMO) will support banks and any further rate cut in the upcoming monetary policy will stimulate the rally, he added.

The OMO refers to a central bank’s buying and selling of government securities in the open market.

The top gainers were ITC, NTPC, HCL Tech, Reliance Industries, and Bharti Airtel, while the laggards were Hero MotoCorp, Larsen and Toubro, Maruti Suzuki, Bajaj Auto and Coal India.