BENGALURU: Indian shares rose for the fifth straight day on Wednesday, aided by a late-session resurgence in Reliance and an uptick in banking and media stocks on strong quarterly earnings.
The Nifty 50 index closed 0.42% at 19,833.15, while the S&P BSE Sensex rose 0.45% to 67,097.44, closing above the 67,000 mark for the first time. The midcaps and smallcaps indexes rose 0.68% and 0.78%, respectively, after declines in the previous session.
“Expect the gradual up move in the market to continue given the positive macroeconomic factors and healthy earnings so far,” said Siddhartha Khemka, head - retail research at Motilal Oswal Financial Services.
“Investors should utilise the ‘buy-on-dips’ strategy at record high levels.” Reliance Industries, among the highly weighted stocks on the Nifty, rose 1.2% to a 52-week high, gaining for the third session in a row ahead of the demerger of its financial services unit on Thursday and earnings on Friday.
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