Business Standard

Markets climb for 2nd day as HDFC twins maintain momentum

Equity benchmarks extended their rally for the second straight session on Wednesday amid buying in index heavyweights HDFC twins and fresh foreign funds inflows.

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Illustration: Binay Sinha

Press Trust of India Mumbai
Equity benchmarks extended their rally for the second straight session on Wednesday amid buying in index heavyweights HDFC twins and fresh foreign funds inflows.
A sharp appreciation in the rupee and largely positive global equities added to the momentum, traders said.
The 30-share BSE Sensex climbed 390.02 points or 0.64 per cent to settle at 61,045.74. The broader NSE Nifty rallied 112.05 points or 0.62 per cent to 18,165.35.
Tata Steel was the biggest gainer among the Sensex components, spurting 2.72 per cent, followed by Larsen & Toubro, Wipro, HDFC Bank, HDFC, Bharti Airtel, NTPC, and ITC.
The HDFC duo accounted for around half of the benchmark's gains.
In contrast, Tata Motors, UltraTech Cement, IndusInd Bank, Nestle India, Bajaj Finserv, State Bank of India and Reliance Industries were the laggards, dropping up to 1.65 per cent.
"After the adverse performance during the last one and a half months, Indian market has been advancing in the last 2-3 trading days. The trend is supported by the marginal improvement in FIIs inflows and upside in domestic investments," said Vinod Nair, Head of Research at Geojit Financial Services.
In the broader market, the BSE midcap gauge climbed 0.46 per cent and the smallcap index gained 0.17 per cent.

Among sectoral indices, metal jumped 2.44 per cent, capital goods climbed 1.46 per cent, industrials (1.24 per cent), telecommunication (0.92 per cent), consumer durables (0.67 per cent), commodities (0.62 per cent) and financial services (0.62 per cent).
Utilities, auto, power and realty ended in the red.
"Domestic equities received a positive handover from its global peers, after the Bank of Japan maintained its current range of yield curve control....Market is showing strength for last two days supported by healthy earning results so far and expectation of strong Budget before Union Election next year.
"FIIs marginally turning buyers have also helped to uplift the sentiments... Metal stocks are also likely to remain in momentum as prices surge globally due to shortage of inventory. Capital Goods too will remain in focus on the back of good order inflow and expectation of increase spending in Budget," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
Elsewhere in Asia, equity markets in Tokyo, Shanghai and Hong Kong settled in the green, while Seoul ended lower.
Bourses in Europe were trading higher during mid-session deals. Markets in the US had ended mostly lower on Tuesday.
International oil benchmark Brent crude jumped 1.11 per cent to USD 86.87 per barrel.
The rupee pared its initial losses and settled 44 paise higher at 81.25 (provisional) against the US dollar on Wednesday.
Foreign Institutional Investors (FIIs) turned buyers on Tuesday after unabated outflows for the past many days. They bought shares worth a net Rs 211.06 crore on Tuesday, according to exchange data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 18 2023 | 5:06 PM IST

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