Sensex advances 187 pts; financials show the way

Mumbai, Jul 7 () Rising for the fifth straight session, the benchmark Sensex added another 187 points on Tuesday, with gains in financial counters offsetting losses in power and infra stocks.

After a volatile trading session, the 30-share BSE index ended 187.24 points, or 0.51 per cent, higher at 36,674.52. The NSE Nifty was up 36 points, or 0.33 per cent, at 10,799.65.

On the Sensex chart, Bajaj Finance was the top gainer, rallying around 8 per cent, followed by IndusInd Bank, Bajaj Finserv, Infosys, ICICI Bank, Axis Bank and HCL Tech.

On the other hand, NTPC, ITC, PowerGrid and Tata Steel were among the laggards.

According to traders, domestic investors shrugged off weak cues from global markets and focussed on positive factors like sustained foreign fund inflows and hopes of a good monsoon.

Foreign institutional investors were net buyers in the capital market on Monday, purchasing equities worth Rs 348.35 crore, provisional exchange data showed.

Gains in the market were, however, capped as rising COVID-19 cases weighed on investor sentiment.

The number of cases around the world linked to the disease has crossed 1.16 crore and the death toll has topped 5.38 lakh.

In India, the number of infections spiked to 7,19,665 and the death toll rose to 20,160.

Bourses in Shanghai ended with marginal gains, while those in Hong Kong, Tokyo and Seoul closed in the red.

Stock exchanges in Europe were also trading on a negative note in early deals.

Meanwhile, international oil benchmark Brent crude futures fell 1.02 per cent to USD 42.66 per barrel.

On the currency front, the rupee extended the losses and settled 25 paise lower at 74.93 against the US dollar. ANS MKJ