Markets log gains for 3rd day on buying in Reliance, Infosys

Equity benchmark indices Sensex and Nifty closed higher for the third straight day.

Equity benchmark indices Sensex and Nifty closed higher for the third straight day on Tuesday on gains in market heavyweights ITC, Reliance Industries and Infosys amid a bearish trend in global equities.

Besides, robust domestic macroeconomic data added to the positive momentum, traders said.

The BSE benchmark index climbed 152.12 points or 0.23% to settle at 65,780.26. During the day, it gained 203.56 points or 0.31% to 65,831.70.

The Nifty rose 46.10 points or 0.24% to end at 19,574.90.

“Strong domestic factors are providing crucial support for Indian equities, allowing them to maintain their strength despite attempts by weak global peers to disrupt the mood. India’s service PMI remains robust at 60.1, indicating sustained demand even in the face of inflationary pressures.

“Notably, small and mid-cap stocks have been standout performers, with both indices reaching all-time highs. Conversely, the weak Chinese service PMI has cast a shadow on hopes of an economic rebound in China, impacting global market sentiments,” said Vinod Nair, Head of Research at Geojit Financial Services.

Sun Pharma emerged as the biggest gainer from the Sensex pack, climbing 2.09%, followed by ITC, Titan, Bajaj Finance, Nestle, Infosys, L&T, JSW Steel, Reliance Industries and Kotak Mahindra Bank.