Sensex, Nifty extend bull run to gain to 4-month highs, buck global trend

Indian equity benchmarks reversed losses and ended with gains, extending their bull run into the fifth straight week, bucking a global sell-off in risk assets, a day after minutes from the Federal Reserve's July meeting pointed to rates staying higher for longer to bring down inflation, according to NDTV.
Both the 30-share BSE Sensex index and the broader NSE Nifty index ended with marginal gains, right at the fag end of the trading session on Thursday.
The Sensex started the day sharply lower at 60,080.19 points and hit a low of 59,946.44 points, but ended at 60,298.00, a gain of 37.87 points, 0.06 per cent, compared to Wednesday's close. Nifty climbed 12.25 points, or 0.07 per cent, to 17,956.50.
From the Sensex pack, Kotak Mahindra Bank, Larsen & Toubro, Bharti Airtel, UltraTech Cement, Power Grid, IndusInd Bank, State Bank of India and ITC were among the gainers.
On the other hand, Dr Reddy's Laboratories, Wipro, Infosys, Mahindra & Mahindra, Axis Bank and Nestle were among the laggards.
Bharti Airtel surged 1.59 per cent to ? 733.25 after it received the allocation of 5G spectrum.
Bharti Enterprises Chairman Sunil Bharti Mittal praised the government for a quick 5G spectrum allocation.
"No Fuss, No Follow Up, No running around the corridors and No tall claims. This is ease of doing business at work in its full glory," said the Telecom Tycoon.
Kotak Bank surged 3.45 per cent to ? 1904. L&T rose 2.09 per cent to ? 1894.20. UltraTech Cement, IndusInd Bank, Power Grid Corporation, State Bank of India and ITC were among the major Sensex gainers.
Dr Reddy's Laboratories slumped 2.18 per cent to ? 4225.55.
IT stocks witnessed heavy selling pressure. Wipro slipped 1.83 per cent to ? 435. Infosys fell 1.50 per cent to ? 1582.70. Tata Consultancy Services dipped 0.57 per cent to ? 3381.25. HCL Technologies closed 0.65 per cent down at ? 973.85.
Mahindra & Mahindra, Axis Bank, Nestle India, Titan and Sun Pharma were among the major Sensex losers. Half of the 30 scrips that are part of the benchmark Sensex closed in the red.
But both the benchmark bourses have recovered all of the losses they suffered in 2022 because of gains of nearly 11 per cent over the past four weeks, with Indian stocks posting their greatest week since February late last month.
The broader NSE Nifty 50 index hit over a four month high close in the previous session, and extended that winning streak to an eighth straight day.
The Sensex started the day sharply lower at 60,080.19 points and hit a low of 59,946.44 points. The Sensex briefly turned positive in the morning session hitting a high of 60,287.13 points.
"Fed minutes are weighing, but I think India will be an outlier, despite what happens globally," AK Prabhakar, head of research at IDBI Capital, told Reuters.
"As momentum builds, such news will not derail Indian markets. Something new has to come," Mr Prabhakar added.
Domestic stocks defied a broad global sell-off trend as strong capital inflows continued to boost Indian stocks.
Foreign institutional investors remained net buyers in the capital market on Wednesday as they purchased shares worth ? 2,347.22 crore, according to the latest exchange data.