Indian indices continue winning run for fifth consecutive session

New Delhi : Indian benchmark indices continued the winning run for the fifth consecutive session on July 19, amid buying across sectors, said Vikram Kasat, Head Advisory, Prabhudas Lilladher.

At close, the Sensex was up 302.30 points, or 0.45 per cent, at 67,097.44, and the Nifty was up 83.90 points, or 0.42 per cent, at 19,833.20. The market opened on a positive note and tested fresh record highs but failed to hold on to the gains and witnessed profit booking. However, last hour buying helped it to close near the day’s high level, he said.

Devarsh Vakil, Deputy Head – Retail Research, HDFC Securities, said Nifty continued its upward journey for the fifth day in the row to close at fresh all-time high levels.

At close, Nifty was up by 84 points or 0.42 per cent to end the day at 19,833 levels. Bank Nifty outperformed the Nifty where it gained by 0.57 per cent to close at all-time high levels, he said.

Smaller stocks outperformed the larger brethen in Wednesday’s session. Nifty Mid and small cap outperformed the Nifty with advance decline ratio on BSE ended at 1.41:1, he said.

Vinod Nair, Head of Research at Geojit Financial Services, said despite the current high levels, domestic investors have hardly lost confidence in the Indian economy. It is experiencing a broad based rally strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs.

 Although there was some initial profit booking on Wednesday, the market confidently recovered, with buying observed in all major sectors except auto and IT. Additionally, the global market is providing comfort to the rally, in anticipation of moderation in global inflation, he added.