Weak Global cues do not deter domestic indices from rising 5 days at a stretch

Markets to witness a near-term reversal: Arun Kumar S, Market Strategist, Reliance Securities Ltd.

Domestic indices rose for the fifth day in succession with Sensex gaining 75 points to reach 59,203 and Nifty closing above the 17,550 level, despite weak Global cues.

The gains were led by heavyweights ITC, Bharati Airtel and IT stocks.

At BSE, HCL Tech, Tech Mahindra, NTPC, Power Grid, Bajaj Finserv and Nestle were among the topmost gainers, rising 1.5 to 2 per cent. ITC, TCS, Infosys, Tata Steel and Bharati Airtel also settled higher. But IndusInd Bank, Asian Paints, UltraTech Cement and HDFC Bank ended the day with cuts.

Among the sectors, Nifty PSU Bank rose 1.88 per cent and Nifty50 rose 1.33 per cent. Nifty Private Bank and Nifty Financial Services closed lower. At NSE, Nifty MidCap50 fell 0.42 per cent while SmallCap50 increased 0.19 per cent.

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