Equity indices advance for third straight session
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.