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The rally in the domestic stock markets continued unhindered for the sixth consecutive day on Wednesday, mirroring global market cues. In the coming days too, all eyes will be on the US markets, fund managers said.
Foreign portfolio investors bought stocks worth ₹1,851 crore on Wednesday in the cash segment. The Nifty index closed above the 10,000-mark for the first time in more than three months. The index rose 0.83 per cent or 82 points at 10,061. The BSE Sensex rose 0.84 per cent or 284 points at 34,109. Both the indices have gained nearly 12 per cent since the past week.
The rally was much bigger during the day as both the indices gained nearly 2 per cent.
The Bank Nifty index remained unaffected by the credit rating downgrade from Moody’s. It cut ratings on 11 banks including large players such as State Bank of India, HDFC Bank and IndusInd Bank. The Bank Nifty index rose by 2 per cent to close at 20,940.
The rally is largely due to the partial reopening of economies around the world after nearly two months of shutdown due to Covid-19. In the US, the Dow Jones, Nasdaq and S&P indices rallied for the third straight day at open.
Sahaj Agrawal, Head of Research, Derivatives, Kotak Securities, said, “In a short span of time Nifty has rallied to 10,000 from 9,000. The trend remains positive. Banking stocks are expected to remain in action while pharma stocks may remain under pressure in the near term.”
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