Markets rally for 2nd day on foreign fund inflows, buying in HDFC twins

Bombay Stock Exchange in Mumbai. File
| Photo Credit: Arunangsu Roy Chowdhury

Equity benchmarks extended their rally for the second straight session on Wednesday amid buying in index heavyweights HDFC twins and foreign funds inflows.

Recovery in most of the Asian markets and positive start in European equity exchanges also added to the momentum.

The 30-share BSE Sensex climbed 390.02 points or 0.64% to settle at 61,045.74. During the day, it jumped 454.53 points or 0.74% to 61,110.25.

The broader NSE Nifty rallied 112.05 points or 0.62% to end at 18,165.35.

From the Sensex pack, Tata Steel, Larsen & Toubro, HDFC, Wipro, HDFC Bank, Bharti Airtel, NTPC, ITC, Axis Bank and ICICI Bank were the prominent gainers.

Tata Motors, UltraTech Cement, IndusInd Bank, Nestle, Bajaj Finserv, State Bank of India and Reliance Industries were the laggards.

Elsewhere in Asia, equity markets in Tokyo, Shanghai and Hong Kong settled in the green, while Seoul ended lower.

Bourses in Europe were trading higher during mid-session deals. Markets in the US had ended mostly lower on Tuesday.

International oil benchmark Brent crude jumped 1.11% to $86.87 per barrel.

Foreign Institutional Investors (FIIs) turned buyers on Tuesday after unabated outflows for the past many days. They bought shares worth a net ₹211.06 crore on Tuesday, according to exchange data.