Sensex, Nifty Rise for Third Straight Session as Auto, Financial Stocks Gain

Mumbai — Indian benchmark stock indexes closed higher for a third consecutive session Friday, supported by gains in automobile and financial services shares, while investors booked profits in information technology stocks following a recent rally.

The Sensex rose 166.49 points, or 0.21%, to close at 78,094.64. The Nifty gained 66.45 points, or 0.27%, to settle at 24,383.60.

Analysts said 24,300 is the Nifty’s immediate support level, followed by the 24,200 zone. Remaining above those levels will be important for sustaining the market’s recovery, while a close below 24,200 could prompt further profit-taking.

Bajaj Finance, Bajaj Finserv and Jio Financial Services were among the strongest performers on the Nifty as buying continued in financial stocks.

Broader markets also finished higher, with both the Nifty MidCap and Nifty SmallCap indexes gaining 0.44%.

Automobile stocks outperformed the wider market and provided significant support to the benchmark indexes. Fast-moving consumer goods shares were also among the stronger performers during the session.

The Nifty IT index, however, ended lower and snapped a five-session winning streak as investors booked profits despite continued strength in global semiconductor stocks.

Market experts said positive momentum remained intact, although some selling emerged at higher levels amid concerns about elevated bond yields and the possibility of interest-rate increases.

“The sustainability of the recovery will depend largely on the ongoing earnings season, which is currently outperforming forecasts, and on a reduction in global risks,” an analyst said.

Another market expert said investors will look for evidence that the recent improvement in corporate earnings is broad-based rather than concentrated in a limited number of sectors. (Source: IANS)