The Indian equity market logged gains for the sixth straight session led by select index heavyweights like Infosys, Axis Bank, Sun Pharma and Tata Motors, while Reliance Industries dragged.
The market traded with caution for the most part of the trading day ahead of the key ECB meet outcome. Globally, market remained subdued as they awaited the European Central Bank decision on the stimulus. However, the overall mood remained optimistic on the back of steady FII inflows and hopes of reforms in the upcoming Budget.
The foreign institutional investors were net buyers in equities to the tune of Rs 2,065 crore on Wednesday, as per the provisional stock exchange data.
Majority of the FMCG stocks ended almost unchanged, however, shares of Emami Ltd was in action after the company acquired controlling stake of 66.67% in Fravin Pty Ltd. Australia with major strength in R&D and manufacture of natural and organic personal care products in Australia.
Amar Ambani, Head of Research at IIFL said, “The market remains upbeat and global attention including ours is on the outcome of the ECB meeting. Corporate developments and results will continue to drive specific stocks. In the case of Emami, the Fravin deal won’t impact company numbers meaningfully. We continue to remain bullish on the stock.”
The Sensex opened 70-odd points higher at 28,958, and soon whisked past another landmark at 29,000. Steady buying in select index heavyweights saw the BSE Sensex rally to a new all-time high at 29,060. The BSE index, thereafter, drifted lower as the day progressed albeit in a modest manner, only to bounce back strongly at close.
The Sensex finally ended the day with a gain of 117 points at 29,006. In the process, the BSE index has now gained 1,659 points in the last six straight trading sessions.
