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Markets maintain momentum for fourth day; Sensex nears 74k

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NewsDrum Desk
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Mumbai, Apr 24 (PTI) Equity benchmark indices Sensex and Nifty ticked higher for the fourth straight session on Wednesday, helped by buying in metal and commodity stocks amid a positive trend in global equities.

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However, intense selling pressure on telecom, IT and tech counters capped the upside, traders said.

The 30-share BSE Sensex climbed 114.49 points or 0.16 per cent to settle at 73,852.94. During the day, it jumped 383.16 points or 0.51 per cent to 74,121.61.

The NSE Nifty advanced 34.40 points or 0.15 per cent to 22,402.40.

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The indices witnessed some selling pressure towards the fag-end of the session that erased some initial gains.

"Indian markets lagged the Asian peers as Q4 earnings remained largely subdued with weak results from IT and a few index heavyweights results also disappointed.

"However, buoyed by strong manufacturing and service sectors, the Indian composite PMI hit a multi-year high, reflecting domestic resilience and bringing some buoyancy in the broad market. Globally, investor sentiment improved with easing tensions in the Middle East and declining oil prices," said Vinod Nair, Head of Research Geojit Financial Services.

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India’s economic activity continued to expand in April, driven by services and manufacturing sectors. The HSBC flash India Composite Purchasing Managers' Index (PMI) climbed to 62.2 in April against March's final reading of 61.8.

From the Sensex basket, JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC and Bajaj Finance were the major gainers.

Tata Consultancy Services, Tech Mahindra, Maruti, Reliance Industries and Titan were among the laggards.

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In the broader market, the BSE smallcap gauge climbed 0.79 per cent and midcap index advanced 0.92 per cent.

Among the indices, metal climbed 2.83 per cent, commodities (1.62 per cent), industrials (1.13 per cent) and oil & gas (0.96 per cent) were the major gainers.

IT, telecommunication and teck were the laggards.

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"Global markets turned positive as geopolitical tension in the Middle East eased off, and investors focus now on the earning season. Following its global peers, healthy domestic macro data and in-line Q4 results led to an up-move in the Nifty," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.

European markets were trading mostly with gains. Wall Street ended with gains on Tuesday.

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Global oil benchmark Brent crude declined 0.35 per cent to USD 88.11 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,044.54 crore on Tuesday, according to exchange data.

On Tuesday The BSE benchmark ended 89.83 points or 0.12 per cent higher at 73,738.45. Trimming most of its early gains, the NSE Nifty ended 31.60 points or 0.14 per cent up at 22,368. PTI SUM SUM BAL BAL

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