Sensex rises for 9th day to post longest winning streak since Sept 2014

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NEW DELHI: The BSE benchmark Sensex rose for a ninth straight day on Tuesday to log its longest winning streak since September 2014, as investors cheered forecast of a normal monsoon this year.

On Monday, the Indian Meteorological Department had said that the country will receive “normal” monsoon rainfall this year, raising hopes for higher farm yield and a boost to the rain-dependent rural economy.

However, market gains were capped by tepid global cues.

The BSE Sensex rose 90 points, or 0.26 per cent, to close at 34,395, with 15 stocks advancing while 16 declining.

The 50-share Nifty50 index closed 20 points, or 0.19 per cent up, at 10,549 with 23 stocks advancing.

“Market remained in a trading range led by normal monsoon forecast and positive earnings expectation. However, underlying caution ahead of state election and volatility in crude prices refrained the market from a decisive upmove. IT index slid despite a weak rupee, as lowering of margin guidance for FY19 added concerns in the mind of investors,” said Vinod Nair, Head of Research, Geojit Financial Services.

Broader BSE Midcap and smallcap indices closed 0.28 per cent up each.

Power Grid Corporation – up nearly 3 per cent — led the pack of Sensex gainers, followed by NTPC, Hindustan Unilever, ICICI Bank and ITC, each rising over 1 per cent.

Axis Bank emerged as the biggest Sensex loser, falling 1.78 per cent. Sun Pharma, Adani Ports and Wipro slipped over 1 per cent in the Sensex index.

Mahindra & Mahindra entered the Rs 1 lakh crore market capitalisation club on Tuesday, after the stock hit a fresh 52-week high of Rs 819.10 on the BSE, eventually closing at Rs 809.60, up 1.05 per cent.

Shares of Bajaj Electricals also hit a fresh 52-week high of Rs 669.90 on BSE after the company bagged orders for 10 rural and urban electrification projects aggregating Rs 3,577.93 crore. It closed the day 5.64 per cent up at Rs 654.10 on BSE.

Infosys, on the other hand, continued its fall on account of the uninspiring margin guidelines for FY19 and closed the day 0.69 per cent down at Rs 1,125 on BSE.

Among the sectors on BSE, teck, capital goods, auto, IT and healthcare stood in the negative zone.

European shares showed signs of revival amid easing tensions between the US and Russia. Asian stocks traded mixed.

Source: Economic Times