![Image for representational purpose only. Image for representational purpose only.](https://www.thehindu.com/theme/images/th-online/1x1_spacer.png)
Image for representational purpose only.
| Photo Credit: The Hindu
Benchmark indices Sensex and Nifty settled with gains for the third straight session on April 3, helped by buying in auto, banking and capital goods shares despite a spike in crude oil prices.
The 30-share BSE Sensex rose 114.92 points or 0.19% to close at 59,106.44 points with 22 of its components ending in the green and eight closing lower. It moved in a range of 58,793.08 points to 59,204.82 points during the intra-day trade.
Extending gains to the third day, the broader NSE Nifty advanced 38.30 points or 0.22% to close at 17,398.05 points. As many as 32 Nifty shares closed with gains while 18 stocks declined.
In the last three sessions, Sensex has risen by 1,492 points or 2.51% while Nifty has gained 446 points or 2.9%.
While gains in auto, capital goods and banking and financials shares supported the uptrend, selling in IT, FMCG and metal shares restricted the gains in the key indices.
“Investors were of the view that the easing price pressure would provide the central bank with leeway to pause the rate hike. However, the surprise production cut by OPEC+ has fuelled concerns about inflationary pressure, which may prompt central banks to remain hawkish,” Vinod Nair, Head of Research at Geojit Financial Services, said.
Oil prices jumped around 5% to nearly one month high of $84.19 per barrel on Monday after Saudi Arabia and other major oil producers announced a production cut of 1.15 million barrels per day from May until the end of the year.
On the other hand, manufacturing activities in India touched a three-month high in March boosted by faster expansion in new orders and output amid demand resilience and easing of cost pressures, according to a monthly survey.
Global markets were mixed as a spike in crude oil prices fuelled fears of high energy prices in Europe and the U.S.
Tokyo’s Nikkei 225 index gained 0.5%, Hong Kong’s Hang Seng slipped 0.4% while the Shanghai Composite index rose 0.7%.
Meanwhile, RBI’s rate-setting panel on Monday started its three-day meeting amid expectations that the Central bank may go for 25 basis points hike in benchmark interest rate, probably the last in the current monetary tightening cycle that began in May 2022.
On Friday, Foreign Institutional Investors (FIIs) were net buyers as they purchased shares worth ₹357.86 crore.
#Sensex #Nifty #gain #straight #session