Investors continued to book some significant gains in their portfolios amid a bullish trend in the stock market for the eighth day in a row on Wednesday. The Sensex crossed its psychological mark at 60,392 points and the Nifty 50 closed at around 17,812. Continuing their winning streak since March 29, the market capitalization of BSE-listed firms had risen more than from 13.71 lakh crores 265.65 lakh crore on Wednesday.
The Sensex rose 235 points and ended the day at 60,392, slightly below the 60,400 mark. At the same time, Nifty climbed 90 points to close at 17,812 points.
The BSE-listed equity market capitalization was 264.51 lakh crore by the end of trading session On 11 April. Market capitalization increased 265.65 lakh crore by the end of the trading session on 12 April. With this, BSE-listed companies registered a day’s rise 1.14 lakh crore on Wednesday.
Read also: Live updates on TCS Q4 results
With this, the markets continued their winning streak for the eighth consecutive day and closed on the green mark on Wednesday. The market cap on March 28 was around 251.94 lakh crores. From March 29 to April 12, the Sensex has gained 2,779 points to 60,392, while the Nifty 50 has gained nearly 861 points to 17,812.
Apart from this, a total of 3,615 shares were traded on BSE on Wednesday. During the trading session, 2,067 scrips advanced while 1,435 scrips declined. A total of 113 scrips remained unchanged. Around 10 scrips were trading in upper circuit and 2 scrips in lower circuit.
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Similar to the Sensex, 112 stocks broke records and traded at their 52-week highs on Wednesday, and 21 stocks declined from their 52-week lows.
Stable global outlook, short covering in F&O markets by FIIs could be one of the main reasons behind the eighth trading session with gains for Nifty and Sensex.
Santosh Meena, Head of Research, Swastika Investmart Ltd said, “It was the eighth consecutive session for Nifty and Sensex owing to stable global cues, buying in cash market and short covering in F&O market by FIIs. Nifty Pharma showed some strength today on rising exports and fresh concerns about COVID-19. Besides, fertilizer and sugar stocks were performing well in the broader market. The market will digest a lot of signals at its opening tomorrow, where the US and our inflation numbers will be an important factor and TCS results will be another important factor.”
“The domestic market displayed caution in anticipation of the release of various economic data and the upcoming Q4 earnings season. IT sector boosted optimism in the market as investors await the release of earnings of major companies in the sector. Vinod Nair, Head of Research, Geojit Financial Services, said, “Despite expectations of CPI inflation coming down from the RBI’s upper tolerance level, the persistence of sticky core inflation remains a concern.”
Mitul Shah, Head of Research, Reliance Securities, said, “Investors are waiting for the March quarter results, which will start coming this week. 4QFY23 earnings season begins with TCS this week, followed by Infosys’ report today. Investors will closely watch management’s commentary on the demand environment for Indian IT services in the backdrop of banking crisis and slowing economic environment. March inflation and February IIP data are also awaited.”
Disclaimer: The views and recommendations given above are of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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