MUMBAI — Indian equity markets extended their winning streak for the sixth consecutive session on Thursday, lifted primarily by strong buying in information technology shares, even as late profit booking trimmed early gains.
The Sensex surged as much as 864 points during the day to hit a fresh 52-week high of 85,290 before settling 130 points higher at 84,556, up 0.15 percent. The Nifty climbed to an intra-day high of 26,104 but closed nearly flat at 25,891, up just 23 points. Analysts said that despite giving up most of its gains, the short-term trend remains positive.
“On the daily chart, a large red candle has formed, suggesting the possibility of a pullback toward the 25,700 level in the coming days. However, the overall uptrend remains intact, with potential to revisit higher levels around 26,200 within the next two weeks,” market experts noted.
Infosys led the rally among Sensex constituents, jumping 4 percent after its promoters announced they would not participate in the company’s Rs 18,000 crore share buyback program. HCL Technologies and Tata Consultancy Services also gained over 2 percent each, supported by optimism surrounding reports that India and the United States may soon finalize a trade deal.
Among other gainers, Axis Bank, Kotak Mahindra Bank, Titan, and Tata Motors rose more than 1 percent each. On the downside, Eternal fell 3 percent to become the top laggard, while Bharti Airtel, Ultratech Cement, ICICI Bank, and Reliance Industries slipped between 1 and 2 percent.
Broader market sentiment was slightly negative, with the BSE MidCap index down 0.2 percent and the SmallCap index declining 0.5 percent. Sector-wise, IT was the standout performer, with the BSE IT index climbing 2.2 percent. Textile and shrimp-related stocks also rallied amid optimism over potential U.S.-India trade developments.
The Indian rupee strengthened by 0.22 percent, appreciating 19 paise to close at 87.82 against the U.S. dollar, aided by improved investor sentiment following trade deal reports. (Source: IANS)
