Podcast: Sensex rises 95 pts, Nifty at 10565 as metals shine

Markets extend rising streak for tenth straight session

Markets open on higher note

Positive Asian cues and the rally in metals & FMCG stocks boosted sentiment, but the sharp correction in oil retailers capped upside.

The barometer 30-scrip Sensex of the BSE, which opened at 34,381.80 points, settled at 34,395.06 points (3.30 p.m.)- up 89.63 points or 0.26 per cent from its previous session's close.

VA Tech Wabag gained 4 percent on order worth Rs 253 crore from Bihar Urban Infrastructure Development Corporation (BUIDCO) while Vascon Engineers rose 4 percent on order from Adhiraj Constructions Private Limited for civil and structural works (residential township) amounting to Rs 119 crore.

At 3.30 p.m., the wider Nifty50 on the National Stock Exchange (NSE) provisionally closed higher by 39.10 points, or 0.37 per cent, at 10,565.30 points.

The benchmark BSE Sensex was 0.2 percent higher at 34,465.17, on track to mark its longest gaining streak since early October 2007.

Major gainers were ONGC, ITC, Adani Port, Tata steel, IndusInd Bank, Asian Paints, Dr Reddy, L&T, Yes Bank, TCS, HDFC and Reliance rising up to 1.71 percent.

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Meanwhile, shares of state-run oil refiners tumbled and were the top percentage losers on the NSE index as oil prices remain close to late 2014-highs on the back of declining US crude inventories, while top exporter Saudi Arabia pushed for higher prices.

Oil prices extended gains after settling close to 3 percent higher in the previous session on fall in U.S. crude inventories and after sources told Reuters that top exporter Saudi Arabia is seeking to push oil prices higher.

The surge came on a Reuters report that OPEC's new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement's original target is within sight.

Tata Consultancy closed 1 per cent higher at Rs 3190.65 ahead of financial results for Q4FY18.

Information technology stocks bounced back from recent losses with the NSE IT index rising 1.14 percent.

The Dow ended down 0.16%, while the S&P 500 gained 0.08 percent and the Nasdaq 0.19%.

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