Sensex rises nearly 150 points to raise rally for fourth consecutive day

 

Stock Market India: Equity benchmarks rose on Wednesday to extend their rally for the fourth consecutive day.

Indian equity benchmarks rose on Wednesday to extend their rally for the fourth straight day, even as world stocks began to reverse their recent surge and fall as investors feared positive earnings reports and fears. Sentiment was trapped that signs of further continuation, strong inflation would remain dominant. Central banks are firmly in aggressive rate-hike mode.

The BSE Sensex index ended 146.59 points higher at 59,107.19, and the broader NSE Nifty rose 25.30 points to 17,512.25, reflecting gains in both those benchmark indices for the fourth day in a row.

Nestle, HDFC, Axis Bank, Reliance Industries, ITC, HDFC Bank and UltraTech Cement were the major gainers in the Sensex pack.

The laggards included NTPC, State Bank of India, Bajaj Finserv, HCL Technologies, Dr Reddy's, Infosys and Maruti.

A shift in risk sentiment came after data showed higher food costs had pushed British inflation back to a 40-year high of 10.1 per cent, putting pressure on the Bank of England to take an even more aggressive rate hike path was.

Minneapolis Federal Reserve Bank Chairman Neil Kashkari indicated late Tuesday that the Fed may need to raise its benchmark interest rate above 4.75 percent if underlying inflation continues to rise.

Still, Wall Street shares were expected to open higher as concerns about a disappointing earnings season due to rising lending prices and rising inflation were driven away this week by positive reports from companies including Goldman Sachs, Bank of America and Johnson & Johnson. has been done.


The S&P 500 stock index has gained more than 6 percent since last week's nearly two-year low.

But the STOXX 600 index for Europe as a whole fell 0.3 per cent.



"What is reassuring is the very difficult environment for the equity markets in the last few weeks that you have (earnings) numbers to be positive," Francois Savery, Chief Investment Officer at Prime Partners, told Reuters. ,

“Is this going to last? We need to focus on guidance, and at the same time, we are still living with this interest rate environment which is very volatile, and that means looking at the market higher. Its difficult."