Sensex Extends Rally Into 9th Day

India’s BSE Sensex closed about 1% up at 81,879.4 on Wednesday, its highest level since late February and marking the ninth consecutive session of gains. Market sentiment continued to be supported by subdued oil prices and optimism around foreign investor inflows. Gains were broad-based, with buying particularly strong in banking and automobile stocks. Technology and healthcare stocks lagged, however, amid selective profit-booking and a shift of investor interest toward domestic cyclical sectors. Among top gainers, Mahindra & Mahindra surged 5.3% and Maruti advanced 2% amid optimism over festival season sales. Axis Bank, SBIN, Kotak Bank Mahindra and HDFC Bank also rose solidy, with gains between 1.6%-2.1%. Other notable performers included IndiGo (4.4%), Trent (3%), Tata Steel (2.2%), ITC (2.2%), Bharti Airtel (2%) and Power Grid (1.9%). On the downside, Adani Ports (-1.7%), Tech Mahindra (-1.3%), HCL Tech (-1%) and ICICI Bank (-1%) posted the biggest losses.

The SENSEX Index gained 397 points or 0.49 percent on Wednesday to close at 81504 points. Gains were led by Mahindra & Mahindra (3.92%), Power Grid (2.13%) and Tata Steel (2.01%). Biggest losers were Adani Ports (-1.82%), Tech Mahindra (-1.50%) and Nestle India (-1.44%).

India’s BSE Sensex climbed around 1.6% to 82,392 on Wednesday, extending its winning streak to nine consecutive sessions and holding at its highest level since late February, as softer crude oil prices and renewed foreign investor buying lifted market sentiment. Brent crude prices fell to $89.16 a barrel on Tuesday, their lowest level in two months, easing concerns over India’s import bill and inflation outlook after US officials played down the possibility of further military action against Iran, reducing fears of potential supply disruptions in the Middle East. Meanwhile, a rotation away from global technology and artificial intelligence stocks has also helped improve investor appetite for Indian equities. Among stocks, Kalyan Jewellers gained 9.8% on strong Q2 results, while IIFL Finance rose 7.2% after Blackstone agreed to acquire a 16% stake in the lender. Other notable gainers included ICICI Bank (1.4%), HDFC Bank (2.1%), State Bank of India (2.5%) and M&M (3.5%).