D-St logs longest winning run of the year as Sensex reclaims 60K; Nifty tops 17,900 level

In yet another positive day for Dalal Street investors, the benchmark indices logged their longest winning run of 2022 as they settled with gains. The benchmark Sensex extended its gains to the fourth session as it surpassed the 60,000 mark for the first time since April 5, led by softening inflation and earnings-driven gains.

The 30-share pack settled 417.92 points higher at 60,260.13. Its broader peer, Nifty50, advanced 119 points and managed to top the 17,900 mark. This was the seventh consecutive day of gains for the index.

Strength in IT, PSU banks and power shares powered the upmove in the market though weakness in select auto names played spoilsport.

From the Sensex pack, the Bajaj twins were the top gainers, rising 5.6 and 3 per cent. Bharti Airtel, Tech Mahindra, HCL Tech, NTPC, Wipro, and HUL ended with gains between 1per cent and 3 per cent each. Only 7 stocks from the index, including M&M (down 1 per cent), Maruti, UltraTech, Power Grid and Tata Steel, settled with cuts.

Equity investors became richer by over Rs 8 lakh crore in the steady market rally.

Traders are now focused on the minutes of the Fed’s last policy meeting for clues on policy makers’ sensitivity to weaker economic data.

Beating expectations, the benchmark indices have managed to showcase impressive resilience amid global headwinds and have successfully staged a comeback from lows.

"Consistent participation by FIIs is the backbone of the current rally in the domestic market. This reversal in the FII trend is owed to the resilience showcased by the Indian economy even as inflation continues to plague the western markets," said Vinod Nair, Head of Research at Geojit Financial Services.

Nair added that declining commodity and oil prices also instilled confidence in foreign investors.

Market at a glance
-ITDC shares zooms 20% as firm plans roadshow for divestment of properties
-Bharti Airtel rose over 2% after upfront payment for 5G auction spectrum
-UTI AMC tanks 5% as co denies stake sale reports to Tata Group
-Singer India soars over 14% as RJ's firm picks stake
-Techno Electric advanced 6% on order win boost

Sectoral Watch
The Nifty media index advanced 1.5 per cent as shares of Zee Entertainment rose 6.1 per cent. Shares of ITDC and Thomas Cook also surges on Cabinet approval to enhance ECLGS for the hospitality sector.

Broader markets underperformed with BSE midcap and smallcap indices adding 0.5 per cent each.

Market Breadth
Market breadth favours advances with the advance-decline ratio at 3:2. 2017 stocks advanced, 1407 declined and 132 were unchanged. 297 shares hit their upper circuit limit while 145 were locked in lower circuit.

Global Markets
In Asia, bourses in Tokyo, Shanghai and Hong Kong settled higher, while Seoul ended lower.

Stock futures fell on Wednesday as concerns over the Federal Reserve’s aggressive rate-hike path outweighed robust corporate earnings and China’s stimulus plans. Futures tied to the Dow Jones Industrial Average fell 209 points, or 0.61%. S&P 500 futures and Nasdaq 100 futures slid 0.84% and 0.96%, respectively.

Meanwhile, the international oil benchmark Brent crude dipped 0.13 per cent to USD 92.22 per barrel.

The rupee gained 29 paise to settle at 79.45 (provisional) against the US dollar on Wednesday.