Nifty, Sensex Clock Best Winning Streak In Months: Market Wrap
On the NSE, six sectors advanced and as many declined, with the Nifty PSU Bank and Realty rising the most.
The NSE Nifty 50 and the BSE Sensex closed higher for the fourth consecutive session on Wednesday, clocking the best winning streak in months.
The Nifty 50 ended 10.30 points or 0.04% higher at 24,467.45, and the Sensex closed 110.58 points or 0.14% up at 80,956.33. In the last four sessions, the indices gained 1.39% and 1.45% respectively.
During the day, the Nifty 50 rose 0.47% to 24,573.20 and the Sensex advanced 0.49% to 81,245.39. The Sensex reclaimed the 81,000 mark for the first time in 29 sessions since Oct 21.
The Nifty 50 posted the best winning streak since Sept 26, while the Sensex recorded the best winning streak since Sept 2.
Volatility is the word for the day's trade as after a steady opening, the Nifty 50 soared higher, but select heavyweights dented the sentiment and dragged the index lower, according to Aditya Gaggar, director of Progressive Share Brokers.
A spinning-top candlestick pattern denotes extreme volatility and indecisiveness between the bears and bulls. The undertone of the market is positive and in the case of any correction, if any, it is likely to be bought into, Gaggar added.
The Nifty Bank seems a bit more stronger technically despite the upcoming RBI's monetary policy committee meeting and interest rate decision due this Friday, IFA Global Research Academy said.
HDFC Bank Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., NTPC Ltd. and Larsen & Toubro Ltd. led the gains in the Nifty 50.
Bharti Airtel Ltd., Reliance Industries Ltd., ITC Ltd., Tata Motors Ltd. and Power Grid Corp. limited the losses in the index.
On the NSE, six sectors advanced and as many declined, with the Nifty PSU Bank and Realty rising the most.
The broader indices outperformed as the BSE MidCap ended 0.8% higher and the SmallCap closed 0.7% up.
Eleven out of the 21 sectoral indices on the BSE ended higher, with Realty rising the most.
The market breadth was skewed in favour of the buyers as 2,399 stocks rose, 1,572 fell and 99 remained unchanged on the BSE.
