Indian Stock Market Extends Winning Streak to Third Session
The Indian stock market concluded Wednesday's trading session in positive territory, marking its third consecutive day of gains. This upward momentum was fueled by a late surge in buying activity, particularly in key sectors such as banking, metal, and fast-moving consumer goods (FMCG).
Benchmark Indices Show Solid Gains
In a volatile trading day, the benchmark equity indices posted notable increases. The 30-share BSE Sensex advanced by 283.29 points, equivalent to a 0.34 percent rise, closing at 83,734.25. Similarly, the 50-share NSE Nifty climbed 93.95 points, or 0.37 percent, to settle at 25,819.35.
Sectoral Performance and Market Sentiment
Among the Sensex constituents, Tata Steel, ITC, and Kwality Walls emerged as the top gainers, while Eternal, Tech Mahindra, and Infosys were among the laggards. Vinod Nair, Head of Research at Geojit Investments Ltd, commented, "Indian markets witnessed a late surge driven by broad-based buying after a cautious start, as positive domestic sectoral cues helped offset lingering global uncertainties." He added that banking and financial stocks remained resilient due to steady asset-quality expectations, and selective buying in FMCG names contributed to relative outperformance.
Broader indices also traded firmly, with the BSE Smallcap Select Index rising 1.02 percent and the Midcap Select Index gaining 0.40 percent. Siddhartha Khemka, Head of Research for Wealth Management at Motilal Oswal Financial Services Ltd, noted, "Indian equity markets extended gains for the third consecutive session staging a gradual recovery, with the Nifty rising 0.4 percent, supported by strength in PSU and metal stocks."
Top Gainers and Losers in Key Indices
The Nifty50 index saw significant movements among its constituents. The top gainers included:
- Kwality Wall's: Up 4.94% to Rs 29.33
- HDFC Life: Up 3.38% to Rs 729.60
- Tata Steel: Up 2.93% to Rs 209.03
- ITC: Up 2.16% to Rs 332.45
- Tata Consumer: Up 1.85% to Rs 1,170
Conversely, the top losers on the Nifty50 were:
- ONGC: Down 2.67% to Rs 264.60
- Wipro: Down 1.74% to Rs 211.95
- Eternal: Down 1.48% to Rs 277.35
- Adani Enterprises: Down 1.42% to Rs 2,211
- Infosys: Down 1.26% to Rs 1,374
On the Sensex, the top gainers mirrored some of these trends, with Kwality Wall's, Tata Steel, and ITC leading the pack, while Eternal, Infosys, and Tech Mahindra were among the major decliners.
Institutional Flows and Global Market Context
Foreign institutional investors (FIIs) remained net buyers on Tuesday, purchasing equities worth Rs 995 crore, while domestic institutional investors (DIIs) bought shares worth Rs 187 crore, providing additional support to market sentiment. In Asian markets, Japan's Nikkei 225 benchmark closed 1 percent higher, but markets in China, Hong Kong, and South Korea remained closed due to Lunar New Year holidays. European markets were trading higher in mid-session deals, and US equities had settled in positive territory on Tuesday.
Brent crude, the global oil benchmark, rose 0.33 percent to USD 67.64 per barrel, adding to the overall market dynamics.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
