MUMBAI (Reuters) – The Nifty gained 0.4 percent on Thursday, rising for a tenth consecutive session, its longest winning streak since September 2007, as shares of capital goods firms rose ahead of the budget next month and oil retailers benefited from a slump in crude prices.
The gains, late in the session, helped the Sensex and Nifty recover from earlier declines when Coal India (COAL.NS) fell as much as 5.1 percent on concerns the government’s stake sale, due on Friday, would be at a discount to the stock’s current market price.
The Nifty rose 0.43 percent to 8,952.35. The index gained in each of the ten trading sessions since the Reserve Bank of India unexpectedly cut interest rates before markets opened on Jan. 15.
That is the longest streak since the 11 days of gains from Sept. 18 to Oct. 3, 2007.
Still, the Nifty failed to reach a record high as it did in each of the previous six sessions.
The benchmark BSE Sensex gained 0.41 percent to 29,681.77.
Capital good shares gained on expectations the sector would benefit from action taken by the government at its budget due on Feb. 28.
Bharat Heavy Electricals Ltd (BHEL.NS) gained 3.1 percent.
Oil retailers such as Bharat Petroleum Corp (BPCL.NS) gained 3.9 percent and Hindustan Petroleum Corp (HPCL.NS) added 6.6 percent after crude hit a near six-year low.
(Reporting by Indulal PM; Editing by Anupama Dwivedi)
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