• 15/08/2022 9:22 pm

#Sensex, Nifty Gain For Fourth Session As Metals, Private Lenders Lead; Pharma Drags

BQ Desk @bloombergquint

Indian equity benchmarks extended their gains to a fourth straight session as investors weighed the prospect of business recovery against the pace of new coronavirus infections. The S&P BSE Sensex climbed 0.6% to 38,407 while the NSE Nifty 50 Index closed 0.4% higher at 11,318. Ten of the 19 sectoral indices on the BSE advanced led by the 1.5% rise in S&P BSE Metal Index. The S&P BSE Healthcare & S&P BSE Telecom were the worst performing indies, down nearly 1.5%.

The broader market underperformed with the S&P BSE SmallCap and S&P BSE MidCap indices losing 0.2% each.

Foreign investors have bought net $1.3 billion of local shares this month through August 7 as inflows continue into a fourth month. Still, a steady increase in new coronavirus infections continues to curb business activity, with the economy on course for its first contraction in 40 years.

As earnings continue, 24 of the 37 Nifty 50-member companies that have announced results so far have beaten or matched estimates.

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