Sensex regains 60k mark
In last 7 sessions, Sensex jumped 2,544 pts or 4.41% and Nifty rallied 800 pts or 4.7%; Investors look to Q4 results as TCS due to report earning numbers today followed by Infosys on Thursday; March inflation and February IIP data will also come out this week
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Mumbai: Equity benchmark Sensex climbed over 310 points to reclaim the 60,000 mark on Tuesday, propelled by robust buying in metal, bank and financial stocks amid a firm trend in global equities and continuous foreign capital inflows. Rising for the seventh straight session, the 30-share BSE Sensex rose 311.21 points or 0.52 per cent to finish at 60,157.72. During the day, it jumped 421.17 points or 0.70 per cent to 60,267.68. As many as 21 stocks in the index ended in the green and nine in the red. In the seven-day gaining streak, the BSE benchmark has jumped 2,544 points or 4.41 per cent. The broader NSE Nifty gained 98.25 points or 0.56 per cent to settle at 17,722.30. A total of 38 Nifty shares gained, while 12 declined.
“Nifty rose for the seventh consecutive session on April 11 helped by positive global cues. Asian and European markets mostly rose on Tuesday after an Easter break with the focus now turning to the release of US inflation data later in the week,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“The domestic equity indices showed resilience and remained in positive territory, primarily led by banking and auto stocks on the expectation of strong quarterly earnings following robust business updates. The US inflation figures, along with the FOMC meeting minutes, are likely to exert a dominant influence on the global market trend,” said Vinod Nair, head (research) at Geojit Financial Services.
“Investors will now await the earnings outcome of the March quarter, which will start trickling in from this week. The 4Q FY23 earnings season begins this week, with TCS due to report on Wednesday followed by Infosys on Thursday. Investors will closely watch management commentary on the demand environment for Indian IT services in the backdrop of the banking crisis and the slowing economic environment. The March inflation and February IIP data will also come out this week,” said Mitul Shah, head (research) at Reliance Securities.
Foreign portfolio investors (FPIs) bought equities worth Rs 882.52 crore on Monday, according to exchange data.
