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nifty: Indices Rise for 4th Day; Gain Over 1%

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nifty: Indices Rise for 4th Day; Gain Over 1%

Indian equities rose over 1% on Wednesday, stretching gains to the fourth straight session, as strength in overseas markets improved sentiment. Renewed foreign institutional inflows also helped stocks extend the bullish momentum.

The Sensex rose 630 points, or 1.15%, to close at 55,398. The Nifty advanced 180 points, or 1.1%, to close at 16520. Shares of technology companies and

which benefited from the government’s move to cut windfall tax on fuel exports, led the upside. Analysts said the Nifty could witness some hurdle around 16,600-levels.

“If the Nifty fails to cross above 16,600 and instead sustains below 16,500, a cool-off can be expected in the recent up-move,” said Abhishek Chinchalkar, head of education at brokerage Fyers.

Foreign Portfolio Investors were buyers to the tune of ₹1,780.94 on Wednesday after purchasing shares worth ₹1,059.47 the previous day.

Though overseas investors remain net sellers for July so far, fresh flows in the past couple of days has raised hopes that their selling, which has weighed down stocks in the past few months, may have ended for now.

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