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    Nifty50 reclaims 16,300 mark as market extends winning run to third day

    Nifty50 reclaims 16,300 mark as market extends winning run to third day

    Nifty50 reclaims 16,300 mark as market extends winning run to third day
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    By Sandeep Singh   IST (Published)

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    The Sensex and the Nifty50 closed higher for a third straight day, helped by gains in financial and auto stocks though losses in select oil & gas and pharma shares. Hindustan Unilever Ltd (HUL) shares ended half a percent higher as investors waited for the FMCG major's financial results due later in the day. 

    Indian equity benchmarks extended gains to a third back-to-back session on Tuesday to scale fresh one-month highs, aided by strength in financial and auto shares though weakness in select oil & gas and pharma counters limited the upside. Investors awaited more of financial results from India Inc for domestic cues.
    Both headline indices finished close to their highest levels of the day after rising as much as half a percent during the session.
    The Sensex rose as much as 296.4 points to 54,817.5 in intraday trade, and the Nifty50 climbed to as high as 16,359.5, up 81 points from its previous close.
    Globally, concerns persisted over the prospect of steep hikes in COVID-era interest rates hurting economic growth.
    A total of 29 stocks in the Nifty50 basket rose for the day. Axis Bank, Apollo Hospitals, Mahindra & Mahindra, IndusInd Bank and Tata Steel were the top gainers.
    Bajaj Finserv, UltraTech, SBI and Bharti Airtel were also among the blue-chip stocks that rose the most.
    Reliance, ICICI Bank, Axis Bank and SBI were the biggest contributors to the gain in main indices.
    On the other hand, ONGC, HDFC Life, Nestle, Sun Pharma, Tata Consumer, Hero MotoCorp and Cipla were the worst hit in the 50-scrip pack, finishing the day 1-3 percent lower.
    "Developed markets traded negatively due to slow hiring plans announced by blue chips MNCs like Apple Inc in anticipation of a global economic slowdown. However, due to the Indian economy’s strong fundamentals, we believe that the immediate impact of the slowdown in the domestic economy will be milder than of global peers," said Vinod Nair, Head of Research at Geojit Financial Services.
    Hindustan Unilever shares ended 0.5 percent higher ahead of the FMCG major's financial results due later in the day.
    Overall market breadth remained in favour of the bulls throughout the day, with 2,034 stocks rising and 1,274 falling on BSE.
    Meanwhile, the rupee settled at 79.94 against the US dollar after sinking below the 80 mark for the first time ever during the session.
    Global markets
    European shares mirrored a largely negative trend across Asia, with investors eyeing key central bank meetings this week for clues on direction. The pan-European Stoxx 600 fell as much as 0.7 percent in early hours.
    S&P 500 futures, however, held up 0.7 percent, suggesting a higher start ahead on Wall Street.
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