Stock markets rise for 3rd session; Sensex gains 169 points

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

Equity benchmark indices Sensex and Nifty extended their rally for the third straight session on Wednesday amid buying in index majors IndusInd Bank, Nestle India and HCL Tech.

However, continuous foreign fund outflows and a weak trend in global equities restricted gains in the market, traders said.

The 30-share BSE Sensex climbed 169.87 points or 0.28% to settle at 60,300.58. During the day, it jumped 232.08 points or 0.38% to 60,362.79.

The broader NSE Nifty advanced 44.35 points or 0.25% to end at 17,813.60.

“The domestic bourses mirrored the mood on Wall Street as soft economic data and underwhelming earnings dragged US equities to a weak close yesterday. However, the market gradually recovered after an uptick in US futures, with the earnings of tech companies providing support.

“Adding to investors’ concerns about a possible recession, the US consumer confidence data for April hit a nine-month low ahead of the upcoming Fed policy meeting,” said Vinod Nair, Head of Research at Geojit Financial Services.

PowerGrid was the biggest gainer among the Sensex components, spurting 2.59%, followed by IndusInd Bank, Larsen & Toubro, Nestle, HCL Tech, Axis Bank, Tata Motors, HDFC Bank, Tata Consultancy Services and HDFC were the major winners.