Investors in wait n watch mode

Benchmark Sensex advanced 267 points, while Nifty closed higher for the fifth day in a row on Wednesday amid buying in bluechips Reliance Industries and Infosys amid mixed cues from global markets. The 30-share BSE Sensex climbed 267.75 points or 0.36 per cent to settle at 74,221.06. During the day, it jumped 354.48 points or 0.47 per cent to 74,307.79. Extending gains to the fifth day in a row, the NSE Nifty rose by 68.75 points or 0.31 per cent to finish at 22,597.80. FMCG and realty shares supported the uptrend while banking and metal shares declined.

“Despite mixed global market sentiments ahead of the US Fed minutes, Indian markets exhibited a subtle positive trend. Investors are optimistic about stable Q4 earnings and easing election jitters that had previously increased volatility. Interest in the FMCG sector has risen due to the potential for an early onset of monsoon. Nevertheless, markets may underperform in the short term as they wait for the election outcome, with FIIs staying on the sidelines,” said Vinod Nair, head (research), Geojit Financial Services.

“Nifty ended a range-bound session in the positive. Nifty settled higher for the fifth consecutive session and recorded its longest winning streak since April 25,” said Deepak Jasani, head (retail research), HDFC Securities. In the broader market, the BSE smallcap gauge climbed 0.18 per cent while midcap index dipped 0.05 per cent.