Sensex reclaims 63,000-mark

Equity benchmark Sensex climbed over 350 points to reclaim the 63,000 mark on Wednesday, propelled by robust buying in metal, energy and FMCG stocks amid a mixed trend in global equities. Fresh foreign capital inflows and a strengthening rupee also supported the domestic equity markets, traders said.

Rising for the fourth straight session, the 30-share BSE Sensex climbed 350.08 points or 0.56 per cent to settle at 63,142.96. During the day, it jumped 403.55 points or 0.64 per cent to 63,196.43. The NSE Nifty advanced 127.40 points or 0.68 per cent to end at 18,726.40.

“Investors are becoming more optimistic due to the anticipation of a positive revision in the RBI’s inflation forecast during the ongoing MPC meeting. It is expected that the RBI will maintain its pause on rate hikes, considering the significant improvement in inflation, which has now come within the RBI’s comfort zone. Furthermore, the participation of FIIs as net buyers, after a brief halt, contributed to today’s market rally, particularly driven by mid-and small-cap stocks,” said Vinod Nair, head (research) at Geojit Financial Services.

“Markets rallied sharply and witnessed broad-based buying support ahead of the credit policy with the Sensex ending past the crucial 63,000-mark. Upbeat moves prevailed throughout the session as investors are hoping for a rate hike pause amid an improving domestic macroeconomic situation. All eyes will be on the RBI’s growth outlook and inflation projection for the year, and in case there is any downgrade in inflation expectations, optimism is likely to persist,” said Shrikant Chouhan, head (equity research-retail), Kotak Securities Ltd.

“Global stock markets were