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February 4, 2023 6:26 pm

Markets rally for third day amid positive global trends

Mumbai, October 19

Equity benchmark indices rallied for the third day on the trot on Tuesday amid firm global market trends and buying in energy, banking and FMCG counters.

The 30-share BSE Sensex jumped 549.62 points or 0.94 percent to settle at 58,960.60. During the day, it zoomed 732.68 points or 1.25 per cent to 59,143.66. Similarly, the broader NSE Nifty surged 175.15 points or 1.01 percent to end at 17,486.95.

Only five constituents finished in the red — HDFC, NTPC, Tech Mahindra, Sun Pharma and HDFC Bank, slipping up to 0.72 percent.

“The Indian market is sustaining its gains due to favourable global and domestic cues. Home-grown positivity is the downward trend of crude prices and upside prospects to Q2 corporate earnings.

“Notably too, RBI’s confidence that headline inflation has peaked in September and henceforth will decline is taken cheerfully by the financial market, providing upside to banks,” said Vinod Nair, Head of Research at Geojit Financial Services. Ajit Mishra, VP, Research, Religare Broking Ltd, said the recent rebound in the markets can be largely attributed to the recovery in the global indices while the earnings have been mixed so far.

In the broader market, the BSE midcap gauge jumped 1.06 percent and smallcap index climbed 0.71 per cent.

All BSE sectoral indices ended in the green, with capital goods climbing 1.97 percent, realty jumping 1.76 per cent, industrials (1.71 per cent), auto (1.50 per cent), power (1.46 per cent), utilities (1.46 per cent), FMCG (1.22 per cent) and energy (1.13 percent).

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