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Sensex rally resumes on recovery hopes, MF, retail buying

Markets regained momentum after a minor pause in Wednesday’s session and closed higher as on sustained buying by retail investors, mutual funds and institutions.

After hitting 57,000 earlier this week, the benchmark Sensex on Thursday inched closer to 58,000 as the market betted on faster economic recovery and control of Covid pandemic. The Sensex rose another 514 points, or 0.9 per cent, to 57,852.54 and the Nifty50 gained 158 points, or 0.92 per cent, to 17,234.15 on heavy buying. The Sensex has gained 1,728 points in the last four sessions.

Markets regained momentum after a minor pause in Wednesday’s session and closed higher as on sustained buying by retail investors, mutual funds and institutions. The benchmark opened in the green and gradually inched higher as the day progressed, led by a surge in FMCG, IT and realty stocks. On the sector front, except for auto and PSBs, all other indices posted gains. The broader markets traded in line with the benchmark.

“Domestic indices nudged higher tracking cues from positive economic data, FPI buying and mixed global markets ahead of the release of US job data. Economic data is nudging the performance of core sectors … All major sectors followed the market trend while auto lost ground due to weak sales,” said Vinod Nair, head of research, Geojit Financial Services.

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