MUMBAI: For the second consecutive session on Tuesday, sensex notched up over a 1,000-point gain as relatively softer crude oil prices, strong foreign fund buying, softening yields in the US and a strengthening rupee helped investor sentiment on Dalal Street. After opening on a sound footing, sensex rallied through the session to close 1,225 points or 1.6% up at 76,918 points.Combined with a 1,233-point gain on Monday, the index is now up 2,458 points or 3.3%, the index’s best two-day gaining streak since April 8 this year. The gains came on the back of nearly Rs 10,000-crore net buying by foreign portfolio investors (FPIs) in the secondary market in two sessions.On Tuesday, sensex opened the session up about 600 points, touched an intraday high of 77,093 points (up 1,400 points) and closed just a tad off that level at 76,918 points. On NSE, Nifty too followed a similar trajectory and closed at 23,811 points, up 370 points or 1.6%. Ahead of Diwali this weekend, Tuesday was the fourth straight session of gains for the index.
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According to Ankur Punj, MD, Equirus Wealth, domestic markets rallied sharply as the easing West Asia conflict and falling crude oil prices coupled with encouraging Q2 earnings by corporates buoyed investor sentiment. “Despite weak global cues, domestic equities witnessed frenzied buying while fresh FII buying over the past two sessions and the rupee’s recovery against the dollar provided impetus to the market.”During the day, Brent crude prices fell to about the $103-per-barrel level, down 1.3%. Last week, Brent hit the $117 level, which in turn had weakened the rupee to near the 96-to-a-dollar mark. On Tuesday, the rupee strengthened 16 paise to close at 94.73 to the dollar.On Tuesday, net buying by foreign funds in the secondary market was at Rs 6,837 crore, exchange data showed. Domestic funds, on the other hand, were net sellers at Rs 3,679 crore. The day’s strong foreign fund inflow came on the back of a Rs 3,115 crore net inflow in stocks on Monday. The day’s strong gains in the market added about Rs 4.5 lakh crore to investors’ wealth, with the aggregate market capitalisation of companies listed on BSE now at Rs 486.8 lakh crore, exchange data showed.HDFC Bank, ICICI Bank and Bharti Airtel contributed the most to the day’s gain in the index.
