Sensex, Nifty Extend Gains For Third Day

Indian shares eked out modest gains on Thursday as calmer bond markets and robust U.S. corporate earnings helped lift investors’ appetite for riskier assets.

The dollar took a breather near a three-month high and bond yields eased after Chicago Fed President Austan Goolsbee cautioned market participants not to overreact to hot inflation data.

The upside, however, remained capped ahead of a slew of U.S. economic data later in the day that might provide additional clues on the Federal Reserve’s rate trajectory.

Also, markets gave up some early gains after data showed the U.K. economy slipped into a recession in the fourth quarter.

The benchmark S&P BSE Sensex rose 227.55 points, or 0.32 percent, to 72,050.38, extending gains for a third straight session.

The broader NSE Nifty index settled 70.70 points, or 0.32 percent, higher at 21,910.75.

PSU stocks outperformed, with ONGC, NTPC, BPCL and Power Grid Corp rallying 2-5 percent.

Mahindra & Mahindra jumped 6.8 percent after Q3 net profit jumped 60 percent year-on-year.

On the losing side, Hindustan Unilever, Britannia Industries, ITC, Apollo Hospitals Enterprise and Axis Bank dropped 1-2 percent.

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