Daijiworld Media Network - Mumbai
Mumbai, Nov 3: Indian equity markets extended their winning streak for the fourth consecutive trading session on Tuesday, with benchmark indices ending sharply higher as investors cheered strong corporate earnings and shifted away from global artificial intelligence-linked stocks that have recently come under pressure.
The BSE Sensex surged 1,225.07 points, or 1.62 per cent, to settle at 76,917.85, while the NSE Nifty climbed 370.05 points, or 1.58 per cent, to close at 23,810.85.
Market experts said the ongoing recovery in the Nifty was encouraging, although the index could face resistance in the 23,800–23,900 range.
"On the downside, the 23,200–23,500 range is likely to act as immediate support in the event of a pullback. We reiterate our preference for stocks demonstrating relative strength, while maintaining prudent overnight risk management amid global event-related uncertainties," analysts said.
Market sentiment remained positive on the back of encouraging quarterly earnings from domestic companies. Weakness in global technology and artificial intelligence-linked stocks also prompted investors to shift towards traditional sectors and markets.
Among the Nifty constituents, BSE, Nestle India and Tata Consumer Products emerged as the top gainers, lending significant support to the benchmark index.
The broader market also closed in positive territory, although gains were relatively modest compared with the frontline indices. The Nifty Midcap 100 advanced 1.06 per cent, while the Nifty Smallcap 100 rose 0.31 per cent.
Among sectoral indices, FMCG stocks led the rally, with the Nifty FMCG index surging nearly 3 per cent. Investors accumulated shares of consumer goods companies amid optimism over corporate earnings and demand prospects.
In contrast, the Nifty PSU Bank index emerged as the worst-performing sector, ending in the red despite the broader market rally.
Experts said the gains helped benchmark indices strengthen their recent momentum, with improving corporate earnings, stable domestic macroeconomic conditions and shifting global investment flows continuing to support investor sentiment.
Meanwhile, the Indian rupee also traded higher, gaining around 0.15 per cent to reach 94.74 against the US dollar. Cooling commodity prices eased concerns over the country's import bill and provided support to the domestic currency.
"Going ahead, the rupee’s outlook will depend on commodity price movements, global dollar trends and foreign fund flows, with expectations of improved capital inflows providing some support to the currency," analysts noted.