Sensex, Nifty Extend Rally To Seventh Straight Day: 10 Things To Know
- Thirty five out of the 50 stocks on the Nifty closed in the green. Major advancers on the 50-scrip index were Indiabulls Housing Finance (+7.85 per cent), Bajaj Finserv (+3.99 per cent), Axis Bank (+3.33 per cent), Asian Paints (+3.27 per cent) and Bharti Infratel (+3.06 per cent).
- Prominent gainers on the BSE were Asian Paints (+3.39 per cent), Axis Bank (+3.18 per cent), SBIN (+2.68 per cent), Maruti Suzuki India (+2.04 per cent), Bharti Airtel (+1.84 per cent) and ITC (+1.76 per cent).
- "Tracking improving macro due to fall in crude and increased liquidity due to higher open market operations announced by the RBI, the indices rallied," said Viral Berawala, CIO, Essel Mutual Fund.
- On Tuesday, the RBI announced a higher-than-expected Rs 50,000 crore of open market bond purchases for next month, reinforcing expectations that the central bank was turning dovish under Shaktikanta Das who joined as governor last week.
- "Markets are now expecting  a low interest rate environment and pro-growth policies by the new RBI governor to reduce credit squeeze and spur growth," Mr Berawala said.
- Domestic trading sentiment was also backed by a persistent fall in crude oil prices, which dropped to an over 15-month low, strengthening the rupee against the dollar and fresh capital inflows by foreign funds, traders were quoted as saying in a report by news agency Press Trust of India.
- According to AK Prabhakar, head of research, IDBI Capital, crude is a boost to the indices at the moment. "However, going forward it is difficult to predict the market, given the high valuations especially in the large caps," he added.
- The rupee climbed to 69.85 to the dollar, its highest level since December 3, during the session.  Â
- Foreign institutional investors (FIIs) bought shares to the tune of Rs 144.76 crore on Tuesday, while domestic institutional investors (DIIs) sold shares worth a net of Rs 182.60, provisional data showed according to Press Trust of India.
- On the other hand, Reliance Communications shares settled 9.63 per cent lower after a report that the government had rejected a proposed spectrum sale. (With inputs from agencies)
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