Indian equity benchmark indices Sensex and Nifty extended their gains on Thursday from the previous session, where it remained in tact after a five-day losing streak.
At 9.55 a.m., Sensex was 0.8 per cent up at 57,473 points, whereas Nifty 0.7 per cent up at 17,252 points. By 10:55 a.m., Sensex reached slightly higher at 57,506.42 or 468.92 points (0.82%). Nifty reached 17,274.75 or 138.20 points up (0.81%).
Among the stocks, Coal India, Asian Paints, ITC, IndusInd Bank, and Reliance Industries were the top five gainers, while Nestle India, Hindalco, Tata Steel, Tech Mahindra and ONGC were the top five losers, NSE data showed.
"Even though there is some margin pressure in IT, results of mid-cap IT stocks indicate that earnings momentum is strong," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Previous Session's Closure
Keeping opening session gains intact, Indian equity benchmarks closed Wednesday's session on a positive note, breaking the five day losing streak. In the past five sessions, the Sensex and Nifty declined almost 4 per cent each, data showed.
On Wednesday, Sensex settled at 57,038 points, up 574 points or 1.02 per cent, whereas Nifty was at 17,137 points, up 178 points or 1.05 per cent.
"Foreign investors are pumping out funds in large quantities while support from DIIs is helping the market to partially balance the pressure. A similar level of volatility can be expected to continue until global uncertainties settle down leading to a softening of FII selling," said Vinod Nair, Head of Research at Geojit Financial Services.
As per the latest available data, foreign portfolio investors have pulled out equities worth Rs 9,345 crore from Indian markets in the month of April.
