Mumbai: India's equity benchmarks extended gains for a fourth consecutive session on Wednesday, marking their longest winning streak in ten weeks, as retreating crude prices on hopes of US-Iran peace eased inflation concerns and boosted risk appetite.The NSE Nifty 50 advanced 0.4%, or 96.55 points, to close at 24,085.70, while the BSE Sensex climbed 0.5%, or 347.14 points, to end at 77,155.62. Over the past four sessions, both indices have gained around 4%. "The West Asia crisis is expected to ease, with a deal likely to be signed by the weekend, which has helped soften oil prices and boost investor sentiment over the past couple of sessions," said Pankaj Pandey, head of retail research at ICICI Securities. "The first- and second-order impact on earnings from elevated oil prices is also expected to diminish," he said.Brent crude futures fell 1.5% to as low as $77.7 on Wednesday, extending this week's decline above 9%.AgenciesOIL FALL LIFTS MOOD: Global investors may need to cover some bets before expiry: analystsTrent emerged as the top gainer rising 7.3%, while Bharat Electronics and Hindalco gained 3.5% and 2.7%, respectively. Among sectors, the Nifty Consumer Durables index advanced 2.1%, while the Nifty PSU Bank and Metal indices gained 1.8% and 1%, respectively.Unless crude oil prices reverse and move higher, the near-term outlook remains promising, said Pandey. "Valuations are not a concern among large-caps, and the risk-reward remains favourable for small-caps given strong earnings," he said. "Mid-caps, however, appear expensive at current levels."The Nifty Midcap 150 and Nifty Smallcap 250 indices climbed 0.5% and 0.7%, respectively. Over the past week, the two indices have gained 1.9% and 4.2%, respectively. Out of 4,443 shares traded, 2,323 advanced, and 1,956 declined on Wednesday.The India VIX volatility index fell 1.3% to 13.2 on Wednesday amid easing risk expectations. "Nifty has made a higher bottom at 23,000 levels from 22,200 levels, which is positive," said Ruchit Jain, head, technical research, Motilal Oswal Financial Services. "The broad-based buying is likely to drive the index towards its 200-day moving average of 24,500-24,600 levels."
Nifty tops 24,000 with a 4th day of gains
Indian equity benchmarks extended gains for a fourth consecutive session, reaching their longest winning streak in ten weeks. Retreating crude prices, fueled by hopes of US-Iran peace, eased inflation concerns and boosted investor sentiment. The NSE Nifty 50 and BSE Sensex both saw significant climbs, with analysts anticipating a promising near-term outlook.
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