Stock markets extend winning run to sixth day; Sensex climbs 143 points on buying in ICICI Bank, Reliance

Mumbai: Stock markets extended the winning run to the sixth consecutive day on Thursday, with benchmark Sensex closing higher by nearly 143 points on buying in blue-chip shares ICICI Bank and Reliance Industries.

The 30-share BSE Sensex climbed 142.87 points or 0.17 per cent to settle at 82,000.71 in a restricted trade. During the day, it rallied 373.33 points or 0.45 per cent to 82,231.17. As many as 14 Sensex shares closed higher, while 16 ended with losses.

The 50-share NSE Nifty rose by 33.20 points or 0.13 per cent to 25,083.75.

Among Sensex firms, Bajaj Finserv, ICICI Bank, Reliance Industries, Bajaj Finance, Larsen & Toubro and Bharat Electronics were the major gainers.

However, Power Grid, Eternal, Hindustan Unilever and Adani Ports were among the laggards.

Market experts stated that the proposed GST reforms and a recent credit rating upgrade have bolstered investors' confidence.

A Group of Ministers on GST rate rationalisation has accepted the Centre's proposal to move to a two-slab structure of 5 per cent and 18 per cent. The GST Council is likely to take a final call on the proposal next month. Goods and Services Tax is a 4-tier structure of 5, 12, 18 and 28 per cent.

Investors also turned their attention towards US Federal Reserve Chair Jerome Powell's forthcoming statements at the Jackson Hole Symposium.

In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index settled in positive territory, while Japan's Nikkei 225 index and Hong Kong's Hang Seng ended lower. Markets in Europe were trading in negative territory.

The US markets ended mostly lower on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,100.09 crore on Wednesday, while Domestic Institutional Investors (DII) bought stocks worth Rs 1,806.34 crore, according to exchange data.

Global oil benchmark Brent crude climbed 0.90 per cent to USD 67.44 a barrel.

In the six-day rally to Thursday, the Sensex has climbed 1,765 points, or 2.14 per cent, and the Nifty by 596 points, or 2.4 per cent.