Markets extend winning streak to third day; Sensex rises 598 points
FPIs on Tuesday were net buyers worth Rs 3,665 crore, while domestic institutions sold shares worth Rs 251 crore
 "Markets extend winning streak to third day; Sensex rises 598 points")
The benchmark Sensex and the Nifty rose for a third straight trading session on Tuesday -- the longest gaining streak since September -- buoyed by gains in HDFC Bank and Reliance Industries, the two highest-weighted stocks.
Positive global cues and robust buying by foreign portfolio investors (FPIs) gave a fillip to the sentiment.
On Tuesday, FPIs were net buyers worth Rs 3,665 crore, and domestic institutions sold shares worth Rs 251 crore. FPI buying on Tuesday was the highest since November 25, when they had bought shares worth Rs 9,948 crore on account of MSCI rebalancing.
The Sensex rose 598 points, or 0.74 per cent, to end at 80,846, while the Nifty 50 index added 194 points, or 0.8 per cent, to close at 24,470. In the past three trading sessions, both the indices have gained over 2.2 per cent.
The last time both the Sensex and the Nifty had gained for three or more sessions was in September when they had recorded lifetime highs.
Most Asian markets rose on speculation that Chinese authorities will release further stimulus at the Central Economic Work Conference, where the nation’s top leaders will lay out economic priorities for the coming year.
Market players said some valuation comfort had emerged as the benchmark indices have come off sharply from their record highs in September. Despite the recent rebound, the Nifty is still 7 per cent below its levels seen in September.
Top weight HDFC Bank, which rose 1.24 per cent, made the biggest contribution to the Sensex and the Nifty gains. The stock ended at a fresh high of Rs 1,827. RIL, which has the second-highest weight in the benchmark indices, rose 1.1 per cent, extending its three-day gain to 4.1 per cent.
All NSE sectoral indices gained, barring FMCG and Realty, which slipped 0.5 per cent and 0.2 per cent, respectively.
FMCG stocks fell amid media reports that said the government plans to hike the goods and services tax (GST) on products such as aerated beverages, cigarettes, and other tobacco-related items by 35 per cent from the current 28 per cent.
Adani Ports rose 6 per cent-- most among Sensex and Nifty components-- after Bernstein reiterated its “outperform” rating, citing cheaper valuation vis-à-vis peers JSW Infra and Container Corporation.