Sensex posts longest winning streak in 4 years, Nifty closes above 10,500

The BSE Sensex rose 89.63 points to end at 34,395.06 while the NSE Nifty was up 20.35 points at 10,548.70.

Sensex posts longest winning streak in 4 years, Nifty closes above 10,500

New Delhi: Rising for the ninth straight day, Sensex posted longest winning streak in four years while Nifty managed to hold above 10,500 in closing trade on Tuesday on healthy buying in Banking, consumer durables, metal stocks and fast moving comsumer goods (FMCG).

The BSE Sensex rose 89.63 points to end at 34,395.06 while the NSE Nifty was up 20.35 points at 10,548.70.

Major gainers were Power Grid,  NTPC, Unilever, ICICI Bank, ITC, Bharti Airtel, M&M, HDFC,  Coal India, Bajaj Auto, HDFC Bank and Reliance rising up to 2.94 percent.

 

Sentiments were also lifted on forecasts of average monsoon this year. After two years of normal monsoons, the India Meteorological Department (IMD) on Monday predicted yet another year of normal rains, raising the possibility of higher farm and economic growth in Asia`s third-biggest economy.

The 30-share Sensex opened on a strong footing and forged ahead to hit the day's high of 34,434.14 as buying momentum picked up. But gains were trimmed due to profit-booking at higher levels and the barometer slipped into a negative zone to touch a low of 34,229.83 before settling 89.63 points, or 0.26 percent, higher at 34,395.06, its highest level since February 26 when it settled at 34,445.75.

The gauge had gained 1,286.36 points in the previous eight sessions.

Nifty moved in the range of 10,560.45 and 10,495.65.

Stocks of jewellery and ornament makers turned buyers' fancy ahead of 'Akshya Tritiya' on Wednesday, considered as an auspicious for buying precious metals.

Meanwhile, foreign portfolio investors sold shares worth Rs 308.13 crore on a net basis, while domestic institutional investors sold equities to the tune of Rs 28.97 crore yesterday, provisional data showed.

With PTI Inputs