Sensex rallies 367 pts, ends above 60K; Nifty holds 17,900; financials gain

Closing Bell

The frontline BSE Sensex reclaimed the crucial 60,000-mark, on a closing basis on Wednesday, as investors expected Covid-related restrictions to ease sooner-than-expected given the less severity of the Omicron variant. Besides, they expect the uncertain global outlook to delay policy tightening by global central banks, keeping liquidity taps running for equity markets.

Given this, the 30-pack Sensex index touched a high of 60,333 in the intra-day trade, before settling at 60,223, up 367 points or 0.61 per cent. On the NSE, the Nifty50 marched past the 17,900-mark and closed at 17,925 levels, up 120 points or 0.67 per cent. It hit a high of 17,941 earlier today.

Technically, the Nifty index has reached its hurdle zone of 18,000-18,100 zone where investors can look to trim their long position. Further, if the index manages to sustain above the said resistance, then it may lead to a fresh breakout and inch towards its previous swing high.

On the downside, it has support at 17,800-17,700 and any dip around these levels can be used as a fresh buying opportunity.

Large part of today's rally was propelled by financial and banking counters, with 7 of the top 10 index contributors belonging to the space. 

CHECK HERE: MARKETS AT A GLANCE

Bajaj twins were the top Sensex gainer today after Bajaj Finance reported a healthy customer acquisition of 2.6 million new customers during the October-December quarter (Q3FY22). Further, its assets under management (AUM) grew 8.6 per cent quarter on quarter (QoQ) to Rs 1.81 trillion (+26 per cent YoY). The duo gained up to 5 per cent today.  READ ABOUT IT HERE

Kotak Bank, Axis Bank, Tata Steel, HDFC Bank, Asian Paints, and SBI were some of the additonal gainers. On the downside, Tech M, Infosys, HCL Tech, and Wipro were the top laggards. 

The broader markets, however, continued to underperform for a second straight day. The BSE MidCap index ended 0.4 per cent higher while the BSE SmallCap index closed mildly in the red.

The stock of Tata Communications was one of the buzzing stocks of the day as it surged 9 per cent and hit a record high of Rs 1,542 on the BSE in the intra-day trade. The stock of the Tata Group firm surpassed its previous high of Rs 1,540 touched on October 19, 2021. READ HERE

That apart, shares of Talbros Automotive Components rallied 20 per cent to register a new life-time high of Rs 527 on the BSE in Wednesday's intra-day trade. Since November 24, the stock price of the auto ancillary company has zoomed 81 per cent after ace investor Vijay Kedia bought nearly 2 per cent stake in the company via open market. READ HERE

Sectorally, the Nifty Bank index jumped 2.3 per cent today while the Nifty IT declined 2 per cent due to a stronger rupee. 

That said, volatility was high in the markets with the fear gauge -- India VIX -- rallying nearly 7 per cent. The market breadth narrowed for a second day today amid weakness in the broader markets. There were 1,840 advancing stocks on the BSE today for every 1,540 declining stocks. 

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Markets at 02:30 PM

LIVE market updates: The key benchmark indices were seen hovering near the highs of the day back of strong gains in financial shares.

The BSE Sensex touched a high of 60,333, and was up 430 points at 60,286. The NSE Nifty had added 122 points to 17,927.

The broader indices, however, continued to underperform for the second straight day. The BSE Midcap and Smallcap indices were up 0.3 per cent and 0.1 per cent, respectively, as against a 0.7 per cent rise in the BSE benchmark.

The overall breadth was marginally positive - out of 3,445 stocks traded on the BSE so far, 1,828 had advanced and 1,533 declined.

In the broader markets, Tata Communications zoomed 9 per cent to hit a record high of Rs 1,542. The company had informed BSE on Tuesday that it and Zain KSA had entered into a strategic engagement to fuel digital transformation journeys of enterprises and government organisations in the Kingdom of Saudi Arabia (KSA). READ MORE

Among sectoral indices, the BSE Bankex has rallied 2.8 per cent. The Metal and Oil & Gas indices were the other major gainers. Whereas, the IT index had declined 1.8 per cent.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices extended gains in mid-noon deals, despite bouts of volatilty, as financial shares witnessed unabated buying support.

The BSE Sensex touched a high of 60,262, and was up 370 points at 60,226. The NSE Nifty had added 110 points to 17,915.



The Bajaj twins - Bajaj Finserv and Bajaj Finance - continue to remain the top gainers, up 4.8 per cent and 3.7 per cent, respectively. Kotak Bank, Axis Bank, HDFC Bank and ICICI Bank were the other major gainers. These six stocks put together accounted for near 500-point gain on the Sensex. IT shares up to quite some extend have limited today's market rally, with the likes of Tech Mahindra, Infosys and HCL Technologies down 2-3 per cent each.

In the broader markets, Greaves Cotton has surged as much as 24% in the frist three days of the new year on the back of strong December sales of its EV arm. Greaves Cotton's e-mobility arm Greaves Electric Mobility on Sunday said it sold over 10,000 units in December 2021. Today, the stock was up 11 per cent at the day's high of Rs 171.45 on the BSE. READ MORE

Camlin Fine Sciences, HFCL, AU Bank, Balmer Lawrie, Aster DM Healthcare, IDBI, Filatex India, Chambal Fertilisers, Hikal, Neuland Labs, GRP, Shreyans Industries, Starlineps Enterprises, JHS Svendgaard Labs, Panama Petrochem, Paddar Pigments, Seshasayee Paper, Orbit Exports, Ganesha Ecosphere and NxtDigital were the other major gainers.

On the flip side, Suzlon shed 5 per cent. EID Parry, Bannari Amman Sugar, KCP Sugar, MSP Steel Power, Asain Hotels, ARSS Infra, Bhartiya International, Websol Energy, Omkar Speciality, Ravinder Heights, Aksh Optifibre, GG Engineering, Sintex Plastics and Super Spinning were the other major losers.

Elsewhere in Asia it was a sea for the major markets. China's Shanghai Composite, Hang Seng and Kospi were all down over a per cent each. Straits Times declined 0.7 per cent, while Taiwan was down 0.1 per cent. Nikkei, however, was up 0.1 per cent.
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Markets at 12 noon

LIVE market updates: The frontline indices were seeing bouts of recovery by noon. The BSE Sensex was up 130 points at 59,987, while the NSE Nifty was 38 points higher at 17,843 level. 

Bajaj Finserv and Bajaj Finance were trading 5 per cent and 4 per cent higher, respectively, leading the Sensex-30 pack, followed by other banking counters. 

On the Nifty, JSW Steel, IOC, Tata Steel, and Bajaj Auto were the additional leading gainers. On the flip side, IT stocks continued to be under pressure and were the top losers. 

Meanwhile, among sectors, along with financials, metals and energy stocks were also firm in trade, helping the indices edge higher.

That apart, in the broader market, the BSE MidCap index was putting a good show outperforming the benchmarks, up by 0.24 per cent. 

European markets: European stocks are expected to open lower on Wednesday as global markets react to rising U.S. bond yields.

The U.K.’s FTSE index is seen opening 25 points lower at 7,472, Germany’s DAX 24 points lower at 16,110, France’s CAC 40 down 10 points at 7,299 and Italy’s FTSE MIB 16 points lower at 27,778.

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Markets at 11 AM

LIVE market updates: The benchmark indices again succumbed to selling pressure after a mild recovery. The BSE Sensex was up only 2 points at 59,858, shortly after it touched the 60,000-mark. The NSE Nifty was 6 points up at 17,811.

In the broader market, the BSE MidCap index was up 0.24 per cent, outperforming the benchmarks. On the other hand, the BSE SmallCap index was largely unchanged. 

Selling remained unabated in IT stocks with the Nifty IT index nearly 2 per cent lower. Tech Mahindra, HCL Technology, Wipro, Infosys were down 2 per cent, while TCS too was 1.7 per cent lower. 

That apart, among stocks, the shares of Talbros Automotive Components rallied 13 per cent to register a new life-time high at Rs 498.35, on the BSE backed by heavy volumes. In the past two trading sessions, the stock of the auto parts & equipment firm has surged 27 per cent after data revealed that high networth individual investors bought a more than 2 per cent stake in the company during October-December quarter (Q3FY22) via open market. READ MORE.
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Markets at 10 AM
 

LIVE market updates: The benchmark indices were seen recovering slightly in early morning deals in a volatile market. The BSE Sensex was up nearly 100 points at 59,962, and the NSE Nifty was at 17,839, higher by 34 points. 

Banking counters were the leading gainers with Nifty Bank index up 1.2 per cent. The top gainers on the Sensex were Bajaj twins(up 2 per cent), followed by HDFC Bank, ICICI Bank, Axis Bank, SBI, up per cent each. 

Metal stocks were also strong with APL Apollo, Jindal Steel, SAIL, JSW Steel, NMDC, HindCopper, Tata Steel, up between 0.6-1.8 per cent.

On the flip side, IT and Pharma stocks were the major laggards. Tech Mahindra, HCL Technology, Wipro, Infosys, and TCS were trading 0.8-2 per cent lower on the BSE.

Among stocks, shares of Thermax rallied 7 per cent to Rs 1,923.55 on the BSE after the company announced it sealed an order worth Rs 545.6 crore from an Indian power public sector company to set up flue gas desulphurisation (FGD) systems for their two units of 500 MW capacity each in the state of Uttar Pradesh. READ MORE

That apart, shares of AU Small Finance Bank also jumped 8 per cent to Rs 1,179.50 on the BSE after the private sector lender reported a sequential growth of 10.6 per cent and 26.5 per cent year-on-year in total assets under management (AUM) to Rs 42,027 crore in October-December quarter (Q3FY22). READ MORE.
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Opening Bell

LIVE market updates: The benchmark indices started on a flattish note for the fourth day amid mixed global cues. The BSE Sensex was up 40 points at 59,898, while the NSE Nifty50 was 17 points higher at 17,822. 

In the broader market, the BSE MidCap and SmallCap indices were in the green zone and were up 0.3 and 0.2 per cent, respectively. 

Among the Sensex-30 constituents, Bajaj twins, Ultratech Cement, ICICI Bank, Axis Bank, HDFC Bank, Kotak Bank, Maruti, Nestle and M&M were the top gainers, up between 0.5-1.9 per cent. On the Nifty, IOC and Bajaj Auto were the additonal gainers. 

Meanwhile, major losers on the Sensex included HCL Technology, TechMahindra, Infosys, IndusInd Bank, NTPC, RIL, TCS, Sun Pharma and Bharti Airtel, down between 0.7-1.9 per cent. 

Among sectors, IT and Pharma indices were the top losers, down 1 and 0.3 per cent each on the NSE. 

Notably, among stocks, Thermax was trading 5 per cent higher on the BSE after the company bagged an order of Rs 545.6 crore from a power public sector unit to set up two flue-gas desulphurisation (FGD) systems for its two units of 500 megawatts (MW) capacity each in Uttar Pradesh.

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Pre-open session
 

LIVE market updates: The benchmark indices indicated a flat start on Wednesday as the BSE Sensex was down 10 points at 59,845, while the NSE Nifty too was around 3 points lower at 17,802 in the pre-open session.  

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LIVE market updates: The benchmark indices may start on a tepid note on Wednesday amid mixed global market cues and the rapidly rising cases of Covid-19 in the country. At 8:00 am, the SGX Nifty January futures quoted at 17,805, indicating a muted start.

Stock specific action is likely to dictate the market trend. Among individual shares, GAIL will be in focus today after the IL&FS Group sold its 26 per cent stake in ONGC Tripura Power Company (OTPC) to GAIL (India) for Rs 319 crore. 

Further, Future Retail may also remain in the limelight as the Delhi High Court has dismissed its petition seeking termination of arbitration proceedings in Singapore.

Pharma major Dr Reddy's may also be eyed as the company has rolled out anti-Covid pill molnupiravir under its brand name Molflu.

Global cues

The US markets ended on a mixed note amid selective profit-taking. The Dow Jones gained 0.6 per cent, while the S&P 500 and Nasdaq slipped 0.1 per cent and 1.3 per cent, respectively.

Meanwhile, oil prices jumped to the highest levels since November 2021 even as OPEC+ agreed to stick with its planned production increase in February, citing only a mild impact on demand owing to the Omicron variant. On Tuesday, Brent Crude rose 1.3 per cent to $ 80 a barrel, and WTI Crude added 1.2 per cent to $ 76.99 a barrel.

This morning the major markets in Asia were mostly down. Kospi had dropped over a per cent. Hang Seng and Shanghai Composite had declined over 0.5 per cent each. Taiwan too was down 0.1 per cent. However, Straits Times advanced 0.4 per cent, and Nikkei was flat.