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The benchmark indices, Sensex and Nifty50, ended in the green for the ninth consecutive session on Thursday despite a sell-off in technology stocks. This is the longest winning streak for these indices since September-October 2020 when the two had advanced for 10 sessions in a row (the Sensex had risen for 10 consecutive days in January 2021, too). In the latest up-move, the Sensex and the Nifty have gained around 5 per cent.
The gains come on the back of strong inflows from foreign portfolio investors (FPIs). On a month-to-date basis, they have invested close to Rs10,000 crore.
The Sensex closed Thursday’s session at 60,431, with a gain of 38 points, or 0.1 per cent, while the Nifty50 added 16 points to finish at 17,828. Banking stocks witnessed strong buying interest, while IT majors tumbled following TCS’s earnings disappointment. IndusInd Bank rose 3.2 per cent, the most among Sensex components, while Infosys fell 2.8 per cent.
Global markets traded mixed as the minutes of the US Fed meeting suggested that the US banking crisis is likely to tilt the economy into a recession later this year. The comment also stoked optimism that the Fed would now end its interest rate hike cycle.
“Weak commentary from TCS put pressure on IT stocks, which fell more than 2 per cent. The Nifty50 closed in positive territory for the ninth consecutive session and has now touched its seven-week high. Consistent FPI inflows in the cash segment, along with short covering on the derivatives side, have been supporting the market for the past several days. Domestic macro data continues to remain positive and support the uptrend,” said Siddhartha Khemka, head-retail research, Motilal Oswal Financial Services.
