Stock markets rally for 3rd day amid firm US equities, foreign fund inflows

Mumbai, May 29 (PTI) Benchmark stock indices Sensex and Nifty rose for a third straight day on Monday amid positive trends in the US markets and continuous foreign fund inflows.

The 30-share BSE Sensex climbed 344.69 points or 0.55 per cent to settle at 62,846.38. During the day, it jumped 524.31 points or 0.83 per cent to 63,026.

The NSE Nifty gained 99.30 points or 0.54 per cent to end at 18,598.65.

From the Sensex pack, Mahindra & Mahindra climbed 3.71 per cent after the company reported an 18 per cent jump in its consolidated profit for the March quarter and the highest-ever annual profit of Rs 10,282 crore in FY23.

Titan, Tata Steel, HDFC, UltraTech Cement, State Bank of India, ITC, IndusInd Bank, NTPC, HDFC Bank and Bajaj Finserv were the other major gainers.

HCL Technologies, Power Grid, Maruti, Wipro, Tata Consultancy Services, ICICI Bank, Infosys, Tech Mahindra and Hindustan Unilever were the laggards.

In Asian markets, Tokyo and Shanghai ended in the green, while Hong Kong settled lower.

European markets were trading mostly lower. The US market ended with significant gains on Friday.

With days to spare before a potential first-ever government default, US President Joe Biden and House Speaker Kevin McCarthy reached a final agreement Sunday on a deal to raise the nation’s debt ceiling and worked to ensure enough Republican and Democratic votes to pass the measure in the coming week.

Foreign Institutional Investors (FIIs) were net buyers on Friday as they bought equities worth Rs 350.15 crore, according to exchange data.

Meanwhile, global oil benchmark Brent crude dipped 0.17 per cent to USD 76.82 a barrel.

The BSE benchmark jumped 629.07 points or 1.02 per cent to settle at 62,501.69 on Friday. The Nifty climbed 178.20 points or 0.97 per cent to end at 18,499.35.