Here are 10 things to know about the stock markets:
At 10:23 am, the Sensex traded 217.81 points - or 0.53 per cent - higher at 41,007.19 , while the Nifty was up 51.60 points - or 0.43 per cent - at 12,031.25. Thirty two stocks on the 50-scrip index moved higher at the time.
Top gainers on the 50-scrip index were Tata Motors, Bharat Petroleum, Bharti Infratel, UPL and Britannia, up between 2.00 per cent and 5.37 per cent.
On the other hand, top percentage laggards on the Nifty were Zee Entertainment, Hero MotoCorp, Adani Ports, ITC and Infosys, trading between 1.38 per cent and 5.15 per cent lower.
Reliance Industries, ICICI Bank and HDFC were the top contributors to the upmove in Sensex, together accounting for a gain of nearly 150 points in the index.
Market breadth favoured gains with an advance-decline ratio of 2:1. On the BSE, 1,217 stocks traded higher while 602 moved lower. On the National Stock Exchange (NSE), 1,127 stocks advanced while 505 declined in the first few minutes of trade.
Analysts awaited the outcome of the Reserve Bank of India's bi-monthly policy review meeting due on Thursday, February 6. The central bank is widely expected to maintain its "accommodative" stance of policy without lowering interest rates as inflation stays above its comfort zone.
The central bank's monetary policy committee (MPC) cut rates by 135 basis points over five straight meetings last year, before surprising markets in December by holding the policy repo steady at 5.15 per cent due to growing concerns over inflation.
Bharti Airtel shares rose nearly 2 per cent before turning flat, a day after the private sector telecom major reported its third straight quarterly loss. India's third-largest telecom firm posted a loss of Rs 1,035 crore for the quarter ended December 31, as against a profit of Rs 86.2 crore in the corresponding period a year ago, as it booked Rs 1,050 crore in charges related to spectrum fee payments and write-downs of network equipment.
Equities in other Asian markets steadied, with MSCI's broadest index of Asia-Pacific shares outside Japan last seen trading 0.36 per cent higher and Japan's Nikkei stock index rising 0.99 per cent. Chinese stocks nudged higher on hopes of additional stimulus to lessen the economic impact of a coronavirus outbreak, but risks remain as the illness continues to spread and the death toll neared 500.
On Tuesday, the Sensex had soared 917.07 points - or 2.30 per cent - to end at 40,789.38 and the Nifty risen 271.75 points - or 2.32 per cent - to settle at 11,979.65, as analysts said the market participants reassessed the key Budget announcements.
Post a comment