Sensex Set For Longest Winning Run In 10 Years: 10 Updates

Top gainers on the Nifty 50 included ITC, Wipro, Bharti Airtel, Vedanta, and GAIL India.

Sensex Set For Longest Winning Run In 10 Years: 10 Updates

The Sensex is set to register its longest winning streak for since early October 2007

The BSE Sensex rose as much as 110 points on Wednesday, supported by gains in FMCG stocks. If the Sensex finishes the session in the green, it would mark the longest winning streak for the 30-scrip BSE index since early October 2007. The NSE benchmark index Nifty rose as much as 30 points at the day's highest point to trade above the 10,550 mark. Top gainers on the Nifty 50 included ITC, Wipro, Bharti Airtel, Vedanta, and GAIL India, trading between 1.6 per cent and 4 per cent higher in afternoon deals. Sentiment was also boosted by higher Asian markets, with MSCI's index of Asia-Pacific shares outside Japan rising 0.5 per cent.
Here are 10 things to know about Wednesday's trading session:
  1. Brokers said continuous buying by domestic institutional investors (DIIs) and retail investors following a firm trend at other Asian bourses and encouraging economic data strengthened market sentiment.
  2. At 12:40 pm, 27 stocks on the 50-scrip Nifty index were trading in the positive zone.
  3. Consumer staple stocks jumped, with the Nifty FMCG sub-index rising over 2 per cent, as forecasts of normal monsoon brightened their outlook. Shares in ITC, the country's largest cigarette maker, rose more than 4 per cent, extending gains to a third straight day. Dabur India Ltd rose as much as 2.8 per cent to hit a near 11-week high, while Hindustan Unilever Ltd hit an all-time high.
  4. Weather office IMD or India Meteorological Department on Monday forecast a normal monsoon at 97 per cent of long period average for the country. The onset of monsoon is expected in Kerala from the end of May or the first week of June, and will cover the country in the next 45 days.
  5. "Good rainfall is a prerequisite for similar prospects for industries such as agrochem, fertilizers, seeds, irrigation equipment on the supply side involving farmers. Industries like sugar, edible oils, other food products, textiles, are directly affected by monsoon prospects. Good rural income is useful for demand for consumer goods - durables and FMCG, housing (cement) and automobiles (2 and 4 wheelers and tractors)," according to credit ratings agency CARE Ratings.
  6. The NSE Nifty was on track to post its longest winning run since late January 2015.
  7. "The rally suggests that investors are expecting better quarterly results with positive monsoon forecast also boosting the sentiment," Siddharth Sedani, vice president-head equity advisory at brokerage Anand Rathi. "Markets will be range-bound with stock specific moves taking place based on earnings. Volatility of rupee and a tepid outlook forecast from Infosys Ltd is weighing on IT stocks," he said.
  8. IT stocks continued to be under selling pressure following Infosys March quarter results on Friday. Shares of cement maker ACC Ltd and IT firm Mindtree Ltd were trading largely unchanged ahead of their quarterly results due later in the day.
  9. On a net basis, domestic institutional investors (DIIs) bought shares worth Rs 723.81 crore while foreign funds sold shares to the tune of Rs 951.39 crore on Tuesday, provisional data showed.
  10. Meanwhile, the rupee slipped to a fresh seven-month low of 65.78 against the US dollar.
(With agency inputs)

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