Equity benchmark indices Sensex and Nifty closed higher for the third straight day on Wednesday following buying in banking stocks and fresh foreign fund inflows as retail inflation slipping to near six-year lows raised hopes of further rate cuts.
Defying a weak global market trend, the 30-share BSE Sensex climbed 309.40 points or 0.40 per cent to settle at a two-week high of 77,044.29 in a volatile session. After a weak start, the index moved between gains and losses during the session. It hit a high of 77,110.23 and a low of 76,543.77, gyrating 566.46 points. The NSE Nifty rallied 108.65 points or 0.47 per cent to 23,437.20.
Positive macro data and forecast of normal monsoon boosted investor sentiment, analysts said. IndusInd Bank rose the most by 7.12 per cent among Sensex shares. The bank stated that external agency PwC has assessed a negative impact of Rs 1,979 crore on the bank's net worth due to accounting lapses in the derivatives portfolio.
Axis Bank jumped 4.26 per cent while Adani Ports rose by 1.81 per cent. Asian Paints, HDFC Bank, Bharti Airtel, State Bank of India and ITC were among the gainers. Maruti was the biggest loser, falling by 1.51 per cent. Infosys, Tata Motors, Larsen & Toubro, NTPC and Bajaj Finance were among the laggards. -- PTI
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