BSE Sensex Closes Higher on Fourth Straight Day

Despite falling 250 points from its day’s high, the BSE Sensex managed to end Wednesday at 38,598.99, which is 92.90 points higher than its Tuesday’s close. The BSE Sensex has managed to close on a positive terrain for the fourth consecutive day. The gain of 0.24% might not be significant, but it’s given investors a sigh of relief. 

The afternoon session saw the Indian stocks dropping, giving away most of the gains made in the day. The BSE Sensex dropped a massive 249.71 points from the day’s peak of 38,666.38 points. The banking and consumer stocks dragged down the benchmark indices to counter the gains made due to appreciation in pharma stocks. 

The NSE Nifty too manage to close positively on Wednesday. The Nifty index played between 11,481.05 and 11,4111.10 points. It finally settled at 11,464 points to mark the close of Wednesday’s trading hours. A fall in the banking stocks negated the gains made by Nifty due to a rise in the information technology stocks.

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Wipro announced a 6.91% rise in its profits. As per Wipro’s report, the end of the September quarter was marked with a net profit of Rs 2,552.7 crore. This had a significant gain of more than 3% in the share price of Wipro. The investors await the financial reports of the large-cap companies.  

As many as seven sectoral indices in the National Stock Exchange closed Wednesday on the higher side. The NSE Nifty has gained about 237 points or 2.11% over the last four days of gaining streak. The S&P BSE Sensex has shot up by 1.90% or 718.59 points during its four straight days of rallying.

The International Monetary Fund (IMF) has reduced the growth forecast of India in the current fiscal. The revised growth projection is 6.1%. Nevertheless, India, along with China, continues to be the fastest-growing economy in the world.

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in