Winning Streak Extends: Nifty PSU Bank Shines, FII Buyings Lend Support & More

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Winning Streak Extends: Nifty PSU Bank Shines, FII Buyings Lend Support & More
Credit: © Reuters.

By Malvika Gurung -- Domestic benchmark equity indices continued their winning streak for the fifth consecutive session on Thursday, led by gains in banking, financial and IT stocks, while FII buying also supported the market sentiments.

Headline indices Nifty50 ended 0.51% higher and Sensex climbed 284.42 points or 0.51% on Thursday.

The 30-index scrip has zoomed over 4.2% in the 5-day rally streak, advancing over 2,200 points. Investors on Dalal Street have added almost Rs 10 lakh crore during this period.

Barring Nifty Pharma , all sectoral indices under the Nifty basket ended the session in green, led by Nifty PSU Bank and Nifty Media . Nifty Bank gained 0.64%.

42 out of 50 stocks under the Nifty index gained on Thursday, led by an over 9% jump in the private lender stock IndusInd Bank (NS: INBK ), while Dr. Reddy’s Laboratories (NS: REDY ) declined the most.

Indian indices ended higher despite global indices trading lower on worries of a 50 bps rate hike by the ECB expected in its monetary policy meeting today, while the US Fed could likely raise rates by 75 bps in its meeting next week to tame the soaring inflation.

“Even though a rate hike of this magnitude has already been factored in, the major market driver would be their commentary on future inflation and growth forecasts,” said Vinod Nair of Geojit Financial Services.

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