Sensex, Nifty spurt over 1%, extend rally to 3rd straight day

Benchmark BSE Sensex and Nifty spurted over 1% to extend their winning run to a third day on July 29 following buying in index majors Reliance Industries, Infosys and HDFC twins.

A largely buoyant global trends also helped indices continue their gaining streak.

The 30-share BSE barometer jumped 712.46 points or 1.25% to settle at 57,570.25. During the day, it rallied 761.48 points or 1.33% to 57,619.27.

The broader NSE Nifty advanced 228.65 points or 1.35% to 17,158.25.

Among Sensex constituents, Tata Steel, Sun Pharma, Bajaj Finserv, IndusInd Bank, Asian Paints, Infosys, Reliance Industries, Bajaj Finance, Wipro and HDFC were the biggest gainers.

Dr. Reddy’s, Kotak Mahindra Bank, State Bank of India, ITC and Axis Bank were the laggards.

“In India, the big positive for the market is FIIs reducing their selling substantially and even turning buyers for 8 days this month. The expected outperformance of financials has played out well. Q1 results indicate improving prospects for this segment,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asia, markets in Seoul ended higher, while Tokyo, Shanghai and Hong Kong settled lower.

Markets in Europe were trading in the green during mid-session deals. The U.S. markets had ended higher on Thursday.

Meanwhile, international oil benchmark Brent crude jumped 1.92% to $109.2 per barrel.

Foreign institutional investors became net buyers in the capital markets as they bought shares worth ₹1,637.69 crore on Thursday, as per exchange data.