The last time the Sensex had gained for nine straight sessions was
in April 2018.
The benchmark indices
eked out gains to rise for the ninth straight day, as investors shrugged off
concerns about a halt in Johnson & Johnson’s Covid-19 vaccine study and
rising domestic inflation.
The Sensex closed up 0.1 per cent, or 31.71 points, at 40,625.51, after
swinging between gains of 0.5 per cent and losses of 0.3 per cent following
Johnson & Johnson’s announcement that its study had been temporarily halted
because a clinical trial participant experienced an unexplained illness. The
Nifty50 added three points, or 0.03 per cent, to end at 11,934.50 — also edging
higher for a ninth day.
The last time the Sensex
had gained for nine straight sessions was in April 2018. It had, however, added
only 4.2 per cent in those nine sessions. In September-October 2007, the index
had ended in the green for 11 days in a row. Back then — during the height of
the 2007-08 bull market — the Sensex had gained for 11 straight sessions and
added 15.1 per cent.
The two gauges are
close to erasing year-to-date losses, supported by inflows of around $580
million into Indian equities from foreign investors this month.
The MSCI Asia
Pacific Index was up 0.2 per cent after falling by a similar magnitude earlier
in the day.
Still, rising
prices weighed on sentiment at a time when consumer confidence has plummeted to
a record low. The data published Monday showed consumer-price inflation
accelerated to 7.34 per cent last month, which was more than estimated and
could prompt monetary policy makers to keep interest rates on hold for longer.
This comes as the Centre has unveiled measures worth $6.6 billion to stimulate
consumer demand.
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