Benchmark indices end higher

Settles flat at 71.24; markets await cues from RBI’S monetary policy

MUMBAI: Indian equities notched up their third straight gains on Wednesday as investors felt the need to neutralise budget overreaction and move positively as improved business sentiment and positive global cues augur well.

At the closing bell, the BSE gauge Sensex was 0.87 per cent or 353.28 points higher at 41,142.66. The index has gained over 1,407 points or 3.54 per cent over the last three sessions.

While, the NSE Nifty rose 109.50 points, or 0.91 per cent, to settle at 12,089.15 -- taking the three-day gains to 427.30 points or 3.66 per cent.

Market gains were driven mainly by rate-sensitive stocks ahead of the Reserve Bank's monetary policy announcement on Thursday.

Besides, reports of a breakthrough in coronavirus treatment enthused investors.

Analysts said that buoyancy in Indian equities accelerated during the afternoon trade as

India's service sector growth for January hit a seven-year high.

On the Sensex chart, Tata Steel was the top gainer in the Sensex pack, rallying 5.14 per cent, followed by Bharti Airtel, HDFC, TCS, L&T and Reliance Industries.

On the other hand, Hero Motocorp was the top laggard, shedding 3.83 per cent. Powergrid, Maruti, Asian Paints and NTPC too ended with losses.

Sectorally, BSE metal, telecom, realty, industrials, capital goods, energy, oil and gas, finance, FMCG and IT indices ended up to 2.90 per cent higher, while power and utilities indices slipped in the red.

Broader BSE midcap and smallcap indices rallied up to 1.35 per cent.

Meanwhile, Brent crude oil futures advanced 2.76 per cent to $55.45 per barrel.

On the currency front, the Indian rupee ended flat at 71.24 per US dollar. On the global arena, positive global cues persisted after Chinese policymakers promised to unveil more measures to support an economy jolted by a coronavirus outbreak.