Markets rise for fourth straight day aided by FII inflows

MUMBAI: Benchmark BSE Sensex rose by 123 points while Nifty closed above the 18,600 level in their fourth straight day of gains on Tuesday helped by FII inflows and firm Asian markets.

Gains in financial, banking, capital goods and industrial shares helped the key indices close in the green in a range bound trade.

Selling in select metal, IT and oil and gas shares restricted gains in key indices.

The 30-share BSE Sensex climbed 122.75 points or 0.20 per cent to settle at 62,969.13. During the day, it jumped 189.74 points or 0.30 per cent to 63,036.12.

The broader NSE Nifty advanced 35.20 points or 0.19 per cent to end at 18,633.85.

Stock markets have been on the rise since Thursday last week. Sensex advanced by 1,195 points or 2 per cent while Nifty rose by 348 points or 2.26 per cent in the four-day rally.

Hotels to cigarette conglomerate ITC was the biggest Sensex gainer, rising by 2.31 per cent. Bajaj Finserv, Kotak Mahindra Bank, Bajaj Finance, Axis Bank, HCL Technologies, Wipro, UltraTech Cement, Maruti and Infosys were among the major gainers.

On the other hand, Tech Mahindra fell the most by 1.27 per cent among Sensex shares.

Tata Steel, Nestle, Larsen & Toubro, TCS, Tata Motors and Titan were among the laggards.

Foreign Institutional Investors (FIIs) were net buyers on Monday as they bought equities worth Rs 1,758.16 crore, according to exchange data.

The rupee depreciated by 4 paise to 82.67 against the US dollar on Tuesday as the strength of the American currency in the overseas market weighed on investor sentiments.

Meanwhile, global oil benchmark Brent crude declined 2.30 per cent to $75.30 a barrel.