Firm trend continues; Nifty hovers around 7,550

At 2:30 pm, the S&P BSE Sensex surged 350 points at 24,814 and the Nifty50 soared 121 points at 7,546

Markets continue their upward march in the late noon trade after Bank of Japan adopted a bold move to introduce the negative interest rates at its policy review meet in order to stimulate the Japanese economy. Further, the rebound in global crude oil prices on hopes that Russia and OPEC could come to some solution to tackle the problem of supply glut has lifted the sentiments across the globe.

At 2:30 pm, the S&P BSE Sensex surged 350 points at 24,814 and the Nifty50 soared 121 points at 7,546.

The rupee firmed up by 30 paise to 67.93 against the US dollar at the Interbank Foreign Exchange market on fresh selling of the American currency by exporters. The rally in the domestic equities also aided the currency.

Oil extended a recent rally in Asia today on hopes of Russia-OPEC talks. US benchmark West Texas Intermediate was up 21 cents, or 0.63%, at $33.43 and Brent for March gained 26 cents, or 0.77%, to $34.15.

STOCKS IN FOCUS

Coal India has emerged as the star performer for the day after media reports suggested that the coal ministry is devising a plan to clear off the stock, which may include reduction of prices as well. The stock has jumped 6%.

From the oil and gas pack, ONGC and Reliance industries have benefitted from the gains in global crude oil prices. ONGC has gained over 2% while RIL has gained 1.6%.

On the flip side, Bharti Airtel dropped 1.7% after posting 22% decline in its net income at Rs 1,117 crore in the third quarter on the back of higher interest and spectrum costs. It registered a net income of Rs 1,436 crore in the same period last year.

Maruti Suzuki skid 0.7% as the profits missed street expectations. It clocked a 27% y-o-y surge in net profit in Q3 FY16. Profit for the quarter stood at Rs 1,019 crore against Rs 802 crore in the same quarter last year. Also, the margins contracted on account of higher spend in advertisement.

ICICI Bank lost 1.3% after it reported a net profit of mere 4% in the third quarter at Rs 3,018 crore on account of higher provisioning. RBI has articulated the objective of early recognition of NPA resulting pressure on asset quality.

NTPC and L&T are trading mixed ahead of their quarterly results. NTPC has dipped1% while L&T has gained 1.3%.

Among other shares, Yes Bank has surged nearly 8% to Rs 725, bouncing back 11% from intra-day decline on the BSE, after the bank reported better-than-expected 25% year-on-year (yoy) jump in net profit at Rs 676 crore for the third quarter ended December 2015 (Q3FY16).

Multiplex operator PVR Ltd today reported 5.29% decline in consolidated net profit at Rs 29.88 crore for the third quarter ended December 2015, due to sharp increase in tax expense. The stock has lost 1.3% on the BSE.

HCL Technologies, India’s fourth largest information technology (IT) Services Company is fast expanding its operations in Europe, Baltic region and Africa as it looks at newer frontiers for growth opportunities. The stock has gained 2%.