Sensex, Nifty On Course To Gain For Third Week In A Row

India’s stock benchmarks advanced, and are on course to gain for the third week in a row, amid the 50bps rate hike announced by RBI’s Monetary Policy Committee.

Information technology, telecom, banking, metal and basic materials stocks rose while auto and consumer durables stocks declined.

The Sensex rose 80 points (0.14%) to 58,380.74, off the day’s high of 58,649.19. The Nifty 50 advanced to 17,400 level. Today 28 of Nifty 50 stocks gained while 22 fell. Ultratech Cement, HDFC Life, ICICI Bank, Shree Cement and Bharti Airtel were among the top gainers.

The broader indices outperformed their larger peers, with MidCap gauge adding 0.25% and SmallCap index rising 0.6%. Twelve of the 19 sectoral indices compiled by BSE rose with the Telecom index jumping 1.3%.

The market breadth is skewed in favor of bulls. About 1,939 stocks rose, 1,290 fell and 164 remained unchanged.

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