Equity market advances for 3rd straight session led by IT stocks

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Mumbai (IANS) The benchmark S&P BSE Sensex advanced 200 points on Wednesday extending gains for the third straight session led by healthy buying in IT stocks.

In addition, the market was also boosted by an appreciating rupee and foreign fund inflow. 

The IT stocks led the gains on Sensex, with the BSE IT index rising 3.5 percent, followed by Teck (technology, entertainment, and media) stocks. 

"Because of the pullback in the domestic currency, the mark to market losses will go down. IT companies will be able to get a better realization of the currency depreciation which has boosted investor sentiments," Rusmik Oza, Head of Fundamental Research, Kotak Securities, told IANS. 

In contrast, healthcare, oil and gas stocks on BSE witnessed selling pressure.

The Nifty PSU Bank index also witnessed selling pressure during the day and closed 1.34 percent lower, despite RBI's announcement of capital infusion on Tuesday. 

The Sensex settled 203.81 points up or 0.57 percent at 35,716.95, from its previous close of 35,513.14. It touched an intra-day high of 35,822.16 and a low of 35,605.34.

The Nifty50 gained 36.15 points or 0.34 percent to finish at 10,721.75.

YesBank lost close to 12 percent, the most on Sensex which was followed by Larsen and Toubro, Tata Motors and ONGC which declined in the range of 2 to 5 percent.

Top gainers were TCS and Infosys with over 4 percent rise.

Crude oil prices, which eased over the past month and supported the domestic and foreign investor sentiments, logged a slight increase on Thursday. Analysts attribute the rise to expectations of a decision to reduce supply in the OPEC meeting next week.

The benchmark Brent crude price traded at $61 a barrel.

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