Business
Dalal Street stretched its winning run to five consecutive sessions on Wednesday, overcoming early volatility and global cues from the US midterm elections as the BSE Sensex rose 383.55 points to 77,301.40 and the Nifty 50 ended at its day’s high of 23,960.60. Sustained foreign institutional buying of over ₹6,837 crore, Brent crude hovering near four-week lows at $103, and stellar corporate earnings led by SBI and NSE’s maiden post-listing results powered gains across media, banking, and auto, offsetting a 2% decline in IT stocks.
Dalal Street continued its unstoppable momentum on Tuesday as benchmark indices closed at the day’s high for the fourth straight session, lifting the BSE Sensex by 1,225.07 points to 76,917.85 and the Nifty 50 by 370.05 points to 23,810.85. The three-day 2,800-point surge was propelled by crude oil plunging nearly 8% to $104.77 on West Asia de-escalation hopes, heavy FII buying, and blockbuster Q2 corporate earnings led by GAIL’s doubling profits and Bank of Baroda’s record ₹6,532 crore net profit.
Dalal Street closed in the green for a second consecutive session on Friday, with the BSE Sensex advancing 308.49 points to 74,459.53 and the Nifty 50 rising 116.35 points to 23,053.10, sealing a near 2% weekly gain. Frontline strength was spearheaded by a 2.2% bounce in Nifty IT and earnings-led rallies in Trent and IndiGo, offsetting broad risk-off selling that sent smallcaps down 1.85% amid Brent crude spiking to $117.40 and rising expectations of a December US Federal Reserve rate hike.
Dalal Street closed Tuesday on a tired note. After flirting with 77,231 intra-day, the BSE Sensex settled at 76,944.28, down 12.99 points or 0.017% at 3:32 pm IST, while NSE Nifty 50 shut shop at 24,055.80, down 24.60 points or 0.10% at 3:31 pm IST.
Dalal Street ended the last trading day of August on a sombre note. The bulls tried, but the headwinds were too strong.
After bleeding for two straight sessions, the bulls roared back in the final hour on Friday. The BSE Sensex climbed 330.91 points, or 0.43%, to close at 77,264.51 and the NSE Nifty 50 added 84.80 points, or 0.35%, to end at 24,175.65 as of 3:32 pm IST – well above the previous close of 76,933.59 and 24,090.85.
Dalal Street’s brief romance with the bulls ended in tears on Wednesday. What started as a cautiously optimistic morning turned into a full-blown sell-off by the closing bell, as benchmark indices capitulated to heavyweight selling.
It was a classic open-high, close-low session. Dalal Street started with a spring in its step and ended with a limp.
After starting deep in the red and bleeding through the morning session on August 25, benchmark indices staged a powerful late-session reversal to end near the day’s high, snapping a two-day losing run.
Advertisement
