Indian benchmark indices extended their winning streak for the fourth consecutive session on Tuesday, with the Sensex rising over 1,200 points and the Nifty 50 settling above the 23,800 mark. Strong corporate earnings, easing crude oil prices and renewed foreign investor interest supported the market rally.
The BSE Sensex climbed 1,225.07 points, or 1.62 per cent, to close at 76,917.85. The NSE Nifty 50 advanced 370.05 points, or 1.58 per cent, to settle at 23,810.85.
The gains came amid positive sentiment around September-quarter earnings and signs of a recovery in foreign portfolio investment. Both indices have advanced around 5 per cent over the last four trading sessions, reaching their highest closing levels in nearly two months.
Buying was broad-based, with 13 of the 16 major sectoral indices ending in positive territory. Financial stocks led the gains, with the financial services and private banking sectors recording advances.
Among individual stocks, Marico gained around 10 per cent after reporting quarterly earnings that exceeded market expectations. HDFC Bank and ICICI Bank also advanced, lending support to the benchmark indices.
Foreign investor activity provided another boost to sentiment, with foreign portfolio investors turning net buyers in four of the previous five sessions. Meanwhile, softer crude oil prices helped ease concerns over India’s import bill and inflation.
Despite the domestic rally, global markets remained mixed as investors assessed geopolitical developments and awaited the outcome of the US midterm elections. Oil prices and foreign fund flows are likely to remain among the key factors influencing market sentiment in the coming sessions.
