Sensex, Nifty gain for third straight session
Mumbai, April 3 (PTI) Benchmark indices Sensex and Nifty settled with gains for the third straight session on Monday, helped by buying in auto, banking and capital goods shares despite a spike in crude oil prices.
The 30-share BSE Sensex rose 114.92 points or 0.19 per cent to close at 59,106.44 points with 22 of its components ending in the green and eight closing lower. It moved in a range of 58,793.08 points to 59,204.82 points during intra-day trade.
Extending gains to the third day, the broader NSE Nifty advanced 38.30 points or 0.22 per cent to close at 17,398.05 points. As many as 32 Nifty shares closed with gains while 18 stocks declined.
In the last three sessions, Sensex has risen by 1,492 points or 2.51 per cent while Nifty has gained 446 points or 2.9 per cent.
While gains in auto, capital goods and banking and financials shares supported the uptrend, selling in IT, FMCG and metal shares restricted the gains in the key indices.
“Investors were of the view that the easing price pressure would provide the central bank with leeway to pause the rate hike. However, the surprise production cut by OPEC+ has fuelled concerns about inflationary pressure, which may prompt central banks to remain hawkish,” Vinod Nair, Head of Research at Geojit Financial Services, said.
Oil prices jumped around 5 per cent to nearly one month high of USD 84.19 per barrel on Monday after Saudi Arabia and other major oil producers announced a production cut of 1.15 million barrels per day from May until the end of the year.
On the other hand, manufacturing activities in India touched a three-month high in March boosted by faster expansion in new orders and output amid demand resilience and easing of cost pressures, according to a monthly survey.
Global markets were mixed as a spike in crude oil prices fuelled fears of high energy prices in Europe and the US.
Tokyo’s Nikkei 225 index gained 0.5 per cent, Hong Kong’s Hang Seng slipped 0.4 per cent while the Shanghai Composite index rose 0.7 per cent.
Meanwhile, RBI’s rate-setting panel on Monday started its three-day meeting amid expectations that the central bank may go for 25 basis points hike in benchmark interest rate, probably the last in the current monetary tightening cycle that began in May 2022.
On Friday, Foreign Institutional Investors (FIIs) were net buyers as they purchased shares worth Rs 357.86 crore.
