Sensex, Nifty clock gains for 9th consecutive session; investors await corporate earnings

Sensex, Nifty clock gains for 9th consecutive session; investors await corporate earnings
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Mumbai, Apr 17: Bulls continued to have upper hand at Dalal Street for the ninth consecutive session on Tuesday after normal monsoon forecast for June-September period, as investors await corporate earnings. Positive global cues also boosted sentiment.
Benchmark indices posted gains for ninth straight day for the first time since January 2015. The 30-share BSE Sensex was up 89.63 points at 34,395.06, taking total nine-day gains to nearly 1,400 points.
The 50-share NSE Nifty rose 20.30 points to 10,548.70 while the broader markets also ended mildly higher.
The market is expected to consolidate further with a positive bias and all eyes will be on corporate earnings, experts suggest.
“Corporate earnings season which kicked in last week and monsoons would decide the medium-term outlook for markets in a year which has several state elections coming up starting next month,” S Ranganathan, Head of Research at LKP Securities said.
He expects the Nifty to deliver high single-digit return this fiscal amid higher volatility, uncertain global cues, geopolitical issues and rising yields.
On the global front, European markets were higher, tracking modest overnight gains after data showed China’s economy grew slightly more than anticipated in Q1CY18. Germany’s DAX, Britain’s FTSE and France’s CAC were up 0.3-0.9 percent at the time of writing this news.
Asian markets ended lower as investors digested the China data. China’s Shanghai Composite ended down 1.4 percent and Hong Kong’s Hang Seng declined 0.83 percent.
Back home, the rupee closed at 7-month low of 65.64 against the US dollar, down 15 paise from previous settlement.
The Nifty Midcap index closed mildly higher after volatility throughout the session.
Jewellery stocks Goenka Diamond, PC Jeweller, Titan Company, Renaissance Jewellery, Tara Jewels and TBZ gained up to 9 percent ahead of Akshaya Tritiya tomorrow.
Hotels stocks were also on buyers’ radar. Indian Hotels, Taj GVK, Lemon Tree Hotels and Kamat Hotels rallied up to 20 percent.