Sensex Clocks Longest Winning Streak Since November
The BSE Sensex rose for a seventh straight session on Friday, marking its longest winning streak since November 2017, on the back of gains in index heavyweights such as Reliance Industries. IT major Tata Consultancy Services (TCS) and Infosys also advanced today. Sentiment was also upbeat after retail inflation eased to a five-month low in March, but remained above the Reserve Bank of India's medium-term target, supporting views that monetary policy is likely to remain unchanged at the next review in early June.
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"Ever since RBI (Reserve Bank of India) cuts its inflation trajectory, the equities have done well. And if this trend of falling inflation continue, good signs await the equity markets," said Vinod Nair, head of research at Geojit Financial Services. Investors now await January-March corporate results for future direction. Software services exporter Infosys Ltd will kick-start the March-quarter results season later in the day.
"Excluding banks, expectations for March-quarter results are positive," Mr Nair added.
The BSE benchmark index Sensex ended 91 points higher at 34,192, while the NSE Nifty settled at 10,480, up 21 points.
Among gainers, Reliance Industries closed 1.1 per cent higher. Infosys settled 0.8 per cent higher, extending gains into a fourth straight session. Another IT heavyweight TCS also advanced, gaining 0.4 per cent. Among other Nifty50 gainers, Adani Ports and Special Economic Zone, Wipro, Tech Mahindra, Indiabulls Housing Finance and Hindalco Industries rose between 2.2 per cent and 2.9 per cent.
Global equities and commodities rose, with stocks set to post their biggest weekly gain in over a month as investors seemed to shrug off the uncertainty over tension in the Middle East and the prospect of a global trade war.
