Mumbai, Oct 13 (FN Bureau) The equity market maintained its winning streak for the fifth consecutive session on Wednesday, as the BSE Sensex zoomed up 452.74 points to close at 60,737.05 following a spurt in stocks including Auto, Utilities, Power and Industrials. IMF’s GDP forecast, shows India’s growth at 9.5 per cent in 2021-22 and at 8.5 per cent in 2022-23, boosting investor sentiment. Other important indicators like the country’s retail inflation, which fell in September, falling to a five-month low of 4.35 per cent, while the Index of Industrial Production (IIP) rising to 11.9 per cent YoY in August too, impacted the equity market. The Nifty of National Stock Exchange (NSE) too rallied by 169.80 points at 18,161.75. The market opened on a strong note as the Sensex edged up 325 points at 60,619.81. During the day it spurted 552 points at 60,836.63, days high, before closing at 60,737.05, up by 452.74 points from its previous close. The Sensex registered the day’s high and low at 60,836.63 and 60,452.29 pts respectively. The Nifty recorded days high and low at 18,197.80 and 18,050.75 points, respectively. The sectoral indices that shot up were Auto, Utilities, Power, Industrials and Metal stocks.
The scrips that shone were M&M, up by 5.22 per cent to 936 followed by Powergrid, ITC, L& T and Tech Mahindra, however, selling in Maruti Suzuki, Hind Unilever, Nestle India and Axis Bank restricted from further gains, a broker informed. The Mid Cap rose by 1.56 per cent and Small Cap by 0.59 per cent. In 30 scrips, 21 advanced while nine declined. The sectoral indices that soared were Auto by 3.46 per cent followed by Utilities by 2.62 per cent, Industrials by 2.39 per cent, Power by 2.23 per cent and Metal by 1.49 per cent. European stocks remained weak on Wednesday too as investors were unnerved by the prospect of rising inflation slowing growth. The pan-European STOXX 600 index fell 0.4 per cent, the German DAX was down 0.2 per cent and France’s CAC 40 fell 0.5 per cent. Asian stocks had a mixed response on Wednesday as traders weighed the impact of elevated inflation on the economic recovery and looked ahead to earnings reports. Nifty continues its upward trend unabatedly and closed above 18,000. Advance decline ratio ended marginally in the positive. Technical indicators on daily charts are close to becoming overbought and hence some correction/ consolidation in the index may be seen over the next 1-2 sessions, Deepak Hasani, Head Retail Research said.