Mumbai. Local stock markets remained bullish on Wednesday and BSE Sensex gained more than 267 points. At the same time, there was a rise in Nifty for the fifth consecutive trading session. Amid mixed sentiment globally, the market gained momentum due to buying in shares of major companies like Reliance Industries and Infosys.
BSE Sensex based on 30 shares closed at 74,221.06 points with a gain of 267.75 points or 0.36 percent. At one time during trading it had jumped up to 354.48 points. Similarly, Nifty of National Stock Exchange closed at 22,597.80 points with a gain of 68.75 points or 0.31 percent.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Amid mixed sentiments globally, a positive trend was seen in the Indian market before the release of the details of the US Federal Reserve meeting. “Investors are hopeful of companies’ fourth quarter results and less uncertainty regarding elections.”
He said, “With the expectation of early arrival of monsoon, interest in companies manufacturing daily consumer goods (FMCG) has increased. However, the market’s performance may remain subdued in the short term as it awaits the election results. “FIIs are maintaining distance from the market.” Among the Sensex stocks, Hindustan Unilever, Reliance Industries, Infosys, Asian Paints, ITC and UltraTech Cement were the major gainers.
On the other hand, the loss making stocks include State Bank of India, JSW Steel, Axis Bank, ICICI Bank, Tata Steel and Tata Motors. Deepak Jasani, Head of Retail Research, HDFC Securities, said, “Nifty remained positive in a limited range during trading. It remained in profit for the fifth consecutive trading session. This is the first time since April 25 that Nifty has been rising for so many consecutive days.” BSE Smallcap, the index of shares of small companies, rose by 0.18 percent while the index of medium companies lost 0.05 percent. In other markets of Asia, China’s Shanghai Composite was in gain while South Korea’s Cospi, Japan’s Nikkei and Hong Kong’s Hang Seng were in loss.
There was a declining trend in the major markets of Europe in afternoon trading. American market Wall Street remained in the lead on Tuesday.
Global oil benchmark Brent crude fell 0.84 percent to $82.18 per barrel. According to stock market data, foreign institutional investors sold shares worth Rs 1,874.54 crore on Tuesday. BSE Sensex had fallen by 52.63 points on Tuesday, while NSE Nifty was up by 27.05 points.