Market extends fall on 6th consecutive session; banks shine
Benchmark indices on Wednesday extend the fall on sixth consecutive session as market failed to build on the mid-session sharp recovery from day's low, and ended marginally lower.
Indian stock indices extended their gains for the third straight session on Tuesday, tracking relatively firm cues from US markets.
At 10.17 am, Sensex traded at 59,086.44 points, up 675.46 points or 1.16 per cent, whereas Nifty traded at 17,504.85 points, up 193.05 points or 1.12 per cent.
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“A section of market participants now feel more optimistic about a soft landing of the US economy and have now turned bullish about the market. It remains to be seen whether this view gathers wider acceptance and sustains,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Among Nifty 50 stocks, 44 advanced and the rest 6 declined this morning, National Stock Exchange data showed.
“In India, bulls are gaining strength aided by India’s growth outperformance, good early Q2 results, declining FII selling, steadily rising DII buying and the optimism ushered in by the festive season. Bank Nifty is resilient with the potential to take banking stocks as well as Nifty higher,” Vijayakumar added.
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