Mumbai, Nov 17 (PTI) Stock markets rose for the sixth straight session on Monday, with the benchmark Sensex climbing 388 points and Nifty closing above the 26,000 mark following an across-the-board rally
and strong quarterly performance by corporates.
Rising for the sixth consecutive day, the 30-share BSE Sensex climbed 388.17 points, or 0.46 per cent, to close at 84,950.95. The broader NSE Nifty rose by 103.40 points, or 0.40 per cent, to settle at 26,013.45.
Traders said strong buying by domestic institutional investors fueled the rally.
"The market has maintained its positive momentum, hovering near the key psychological level of 26,000, as investors anticipate a strong catalyst for further upward movement.
"A potential trade deal remains a crucial trigger that participants are closely monitoring. Currently, the risk-reward ratio is largely favorable, bolstered by stronger-than-expected Q2 earnings from Midcaps, which have reinforced confidence in growth revival and point to potential future earnings upgrades," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
From the Sensex pack, Eternal, Maruti Suzuki India, Kotak Mahindra Bank, Mahindra and Mahindra, Tech Mahindra, Titan, HDFC Bank, PowerGrid, Bajaj Finserv, HCL Technologies, Bajaj Finance and Larsen and Toubro were among the gainers.
On the other hand, Tata Motors Passenger Vehicles, Asian Paints, UltraTech Cement, Bharat Electronics Ltd, Tata Steel, Adani Ports, Hindustan Unilever, ITC, Tata Consultancy Services and Reliance Industries were the only laggards.
In Asian markets, Hong Kong's Hang Seng, Shanghai's SSE Composite index, and Japan's Nikkei 225 benchmark ended in the negative territory while South Korea's Kospi settled in positive zone.
Markets in Europe were trading in the red zone. The US markets ended largely lower on Friday.
Brent Crude, global oil benchmark, dipped by 0.70 per cent to USD 63.94 per barrel.
Meanwhile, foreign institutional investors remained net sellers for the fifth day in a row and offloaded equities worth Rs 4,968.22 crore on Friday. However, domestic institutional investors sustained their buying spree and picked up stocks worth Rs 8,461.47 crore, according to exchange data.
On Friday, the BSE Sensex ended 84.11 points higher at 84,562.78, while the NSE Nifty went up 30.90 points to settle at 25,910.05. PTI HG HG MR
