Markets gain for fifth straight session; Sensex climbs 284 points

Market benchmarks marched higher for the fifth straight session on Thursday as investors accumulated energy, financial, and IT stocks amid a mixed trend in global equities.A rebounding rupee and fresh buying by foreign funds added to the momentum, traders said. Clawing back lost ground in early deals, the 30-share BSE Sensex climbed 284.42 points or 0.51 percent to settle at 55,681.95.

Market benchmarks marched higher for the fifth straight session on Thursday as investors accumulated energy, financial, and IT stocks amid a mixed trend in global equities.

A rebounding rupee and fresh buying by foreign funds added to the momentum, traders said.

Clawing back lost ground in early deals, the 30-share BSE Sensex climbed 284.42 points or 0.51 percent to settle at 55,681.95. During the day, it jumped 340.96 points or 0.61 percent to 55,738.49.

Likewise, the broader NSE Nifty went higher by 84.40 points, or 0.51 percent to 16,605.25.

IndusInd Bank was the top gainer in the Sensex pack, rising 7.88 percent, followed by Bajaj Finance, Bajaj Finserv, Asian Paints, Tech Mahindra, Larsen & Toubro, Axis Bank, and Power Grid.

Shares of IndusInd Bank climbed 7.88 percent after the company reported a 60.5 percent jump in net profit for the quarter that ended June.

On the other hand, HDFC Bank, Reliance Industries, Kotak Bank, and Dr. Reddy were the losers, sliding up to 1.89 percent.

''With support from FII buying, the domestic market was able to withstand the downward pressure from global markets to close on a positive note. Global indices traded lower on rate hike worries...,'' said Vinod Nair, Head of Research at Geojit Financial Services. In Asia, markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong settled lower.

Markets in Europe were trading on a mixed note during mid-session deals. The US markets had ended higher on Wednesday.

Meanwhile, international oil benchmark Brent crude fell 3.90 percent to USD 102.8 per barrel.

Foreign institutional investors were net buyers on Wednesday, picking up shares worth Rs 1,780.94 crore, as per exchange data.

The rupee recovered from its all-time low of 80.06 to close 20 paise higher at 79.85 (provisional) against the US dollar on Thursday following overall weakness in crude oil prices.

''FIIs have turned net buyers of local shares to the tune of Rs 1,781 crore on Wednesday, extending the buying momentum for the third straight session,'' said Prashanth Tape, Vice President (Research), Mehta Equities Ltd. Almost all the sectoral indices were in the green, led by Telecom (2.16 percent), Capital Goods (2.08), Industrials (1.45 percent), and Oil and Gas (1.32 percent). Healthcare was the only sectoral index that ended in the red. ''Nifty rose for the fifth consecutive session on July 21 aided by encouraging overnight US markets cues. Nifty opened flat and rose gradually through the day before breaking out upwards in the last half hour,'' said Deepak Jasani, Head of Retail Research, HDFC Securities.

In the broader market, the BSE midcap gauge jumped 1.24 percent, and smallcap index climbed 0.90 percent.

''Markets managed to gain half a percent amid volatility on a weekly expiry day. The benchmark remained range-bound for most of the day and finally settled around the day's high. Meanwhile, healthy buying in banks, metals, and FMCG pack and buoyancy on the broader front kept the participants busy,'' Ajit Mishra, VP - Research, Religare Broking Ltd, said.