Sensex and Nifty firm up their gains for the third session; Gathering of IT and financial values

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(Eds: Adds details) Mumbai, Jan 11 (PTI) Continuing its winning streak for the third consecutive session, the BSE benchmark Sensex added another 221 points to return to the 60,500 level on Tuesday, supported by buying mainly in equities IT and finance.
After early misfires, the 30-stock benchmark was flat throughout the session and hit the day’s high at 60,689.25. He eventually finished 221.26 points or 0.37% higher at 60,616.89.
Similarly, the NSE Nifty gained 52.45 points or 0.29% to end at 18,055.75.
HCL Tech leads the Sensex winners chart with a jump of 4.30%, followed by HDFC, Tech Mahindra, TCS, RIL, Sun Pharma and SBI.
In contrast, Tata Steel, Bajaj Finance, ITC, Asian Paints, Kotak Bank, Dr Reddy’s and IndusInd Bank were among the laggards, dropping as much as 3.32%.
“Domestic benchmarks showed a lackluster trend with a positive bias as the market weighed expectations of a strong quarter amid concerns over rising cases, supply issues and inflationary pressures.
“The global market was on high alert as Fed meeting minutes hinted at rate hikes, high US inflation and the expected release of CPI inflation data. National inflation levels are also likely to be significant due to an unfavorable base effect, although food prices fell in December,” said Vinod Nair, head of research at Geojit Financial Services.
Ajit Mishra, VP – Research, Religare Broking Ltd, said weak global signals initially weighed on sentiment, but resilience from IT majors boosted benchmarks.
“We are in the fourth week of the rebound and now all eyes are on the earnings of three IT majors – Infosys, TCS and Wipro for clues. sector/stock selection.” he added.
From a sector perspective, the BSE Power, Utilities, IT, Property and Teak indices emerged as the main gainers, climbing as high as 1.80%.
In contrast, the BSE Metals Index fell more than 2%. Other laggards were telecommunications, consumer packaged goods and healthcare.
The broad mid, small and large cap indices underperformed the benchmark, gaining as much as 0.30%.
Global markets were mixed as investors counted until US Federal Reserve Chairman Jerome Powell appeared before a Senate panel where he is expected to outline the roadmap for rate hikes.
Elsewhere in Asia, stock markets largely saw mild to heavy selling as investors grew cautious amid rising Omicron cases in China.
European markets were trading in the green in mid-term trades.
On the FX front, the Rupee closed up 11 paise at 73.94 against the US Dollar.
Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 124.23 crore on Monday, according to data from the exchange. PTI MKJ ABM MKJ ABM ABM

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