Eq­uity in­dices ad­vance for third straight ses­sion

The Gulf Today - Business - - REGION -

MUM­BAI: The bench­mark S&P BSE Sen­sex ad­vanced on Wed­nes­day ex­tend­ing gains for the third straight ses­sion led by healthy buy­ing in IT stocks.

In ad­di­tion, the mar­ket was also boosted by an ap­pre­ci­at­ing ru­pee and for­eign fund in­flow.

The Sen­sex set­tled 203.81 points up or 0.57 per cent at 35,716.95, from its pre­vi­ous close of 35,513.14. It touched an in­tra­day high of 35,822.16 and a low of 35,605.34. The Nifty50 gained 43.25 points or 0.40 per cent to fin­ish at 10,728.85.

The IT stocks led the gains on Sen­sex, with the BSE IT in­dex ris­ing 3.5 per cent, fol­lowed by Teck (tech­nol­ogy, en­ter­tain­ment and me­dia) stocks.

“Be­cause of the pull­back in the do­mes­tic cur­rency, the mark to mar­ket losses will go down. IT com­pa­nies will be able to get bet­ter re­al­i­sa­tion of the cur­rency de­pre­ci­a­tion which has boosted in­vestor sen­ti­ments,” Rus­mik Oza, Head of Fun­da­men­tal Re­search, Ko­tak Se­cu­ri­ties, told IANS.

In con­trast, health­care, oil and gas stocks on BSE wit­nessed sell­ing pres­sure.

The Nifty PSU Bank in­dex also wit­nessed sell­ing pres­sure dur­ing the day and closed 1.34 per cent lower, de­spite RBI’S an­nounce­ment of cap­i­tal in­fu­sion on Tues­day.

Yes Bank lost close to 12 per cent, the most on Sen­sex which was fol­lowed by Larsen and Tubro, Tata Mo­tors and ONGC which de­clined in the range of 2 to 5 per cent. Top gain­ers were TCS and In­fosys with over 4 per cent rise.

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