Sensex, Nifty Extend Winning Streak: HDFC Bank, Infosys Lead

Mumbai, Mar 25 (PTI) Benchmark stock indices Sensex and Nifty eked out gains to extend their winning run to the seventh day on Tuesday, largely driven by gains in select bluechips like HDFC Bank, Infosys and Ultratech Cement.

Retreating from its early highs, the 30-share BSE Sensex closed higher by 32.81 points or 0.04 per cent at 78,017.19. As many as 20 of its components ended lower and 10 advanced. During the day, it jumped 757.31 points or 0.97 per cent to 78,741.69 but squandered most of the gains in mid-session due to profit taking.

The NSE Nifty eked out gains of 10.30 points or 0.04 per cent to close at 23,668.65.

Stock markets closed almost flat due to profit booking in heavyweights across sectors after recent sharp gains, analysts said. Sensex and Nifty have surged over 5.5 per cent since March 17.

From the Sensex pack, UltraTech Cement, Infosys, Bajaj Finserv, Axis Bank, HDFC Bank, Bharti Airtel, HCL Tech and Tata Consultancy Services were the biggest gainers.

Zomato tanked nearly 6 per cent followed by IndusInd Bank which declined about 5 per cent. Adani Ports, Mahindra & Mahindra, Reliance Industries and Sun Pharma were also among the laggards.

"After a six-day recovery rally, the broader market witnessed some profit-booking, particularly in small and midcap stocks, where premium valuations still exist. On the other hand, the IT sector posted gains, driven by positive global cues stemming from expectations of softer tariffs and a recent correction in valuations.

"In the near-term, investor sentiment is expected to be cautious as they await clarity on trade policy between US-India. Favourable indicators, such as expected rate cuts and rupee movements, continue to support the market sentiment," Vinod Nair, Head of Research, Geojit Investments Limited, said.

Foreign Institutional Investors (FIIs) bought equities worth Rs 3,055.76 crore on Monday, according to exchange data.

"Benchmark indices closed largely flat on Tuesday as markets witnessed likely profit-booking after recent gains. Markets opened sharply higher this morning following a strong US session overnight after Trump signalled softer approach on April 2 reciprocal tariffs with likely exemptions, triggering a strong positive reaction in risk assets across the globe with equities rallying.

"However, benchmarks quickly gave up the gains on likely profit-booking as Nifty neared 23,900-24,000 levels, after a sharp 7% rally so far in March, and ahead of April 2 reciprocal tariff deadline next week. Broader mid and smallcaps posted sharp losses," Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said.

The BSE smallcap gauge declined 1.63 per cent and midcap index dropped 1.13 per cent.

Among BSE sectoral indices, consumer durables lost the most 1.89 per cent, followed by realty (1.51 per cent), energy (1.43 per cent), metal (1.33 per cent), oil & gas (1.31 per cent), consumer discretionary (1.28 per cent) and telecommunication (1.39 per cent).

BSE Focused IT jumped 1.39 per cent, IT (1.17 per cent) and teck (0.97 per cent).

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

European markets were trading in positive territory. The US markets ended significantly higher on Monday.

Global oil benchmark Brent crude went up 0.53 per cent to USD 73.39 a barrel.

Sensex jumped 1,078.87 points or 1.40 per cent to settle at over six-week high of 77,984.38 on Monday. The Nifty surged by 307.95 points or 1.32 per cent to 23,658.35.