Sensex, Nifty Set For Longest Winning Streak So Far In 2022

India's equity benchmarks advanced, aided by gains in telecom, information technology, banking, consumer durables, and power stocks.

The Sensex reclaimed its 60,000 mark for the first time in four months. It surged nearly 400 points to 60,233.84 as of 12:50 p.m. on Wednesday. The Nifty 50 gained 0.6% to 17,937.20.

The gauges are set to post gains for the seventh straight session—the longest so far in 2022. Previously in the year, the longest winning streak posted by the indices extended to six sessions—one ended on July 22 and another on Aug. 3.

Among the Nifty 50 constituents, 37 stocks rose, 12 fell and one remained unchanged. Bajaj Twins, HDFC Life Insurance Co., Bharat Petroleum Corp. and Bharti Airtel Ltd. were among the top gainers.

The broader indices mirrored their larger peers. Barring S&P BSE Auto, all the other 18 sectoral indices compiled by BSE Ltd. advanced, with telecom gaining 1.7%.

The market breadth was skewed in favour of the bulls. About 2,020 stocks rose, while 1,275 declined and 154 remained unchanged.