Sensex, Nifty hold gains even as global markets fall; GAIL up 4%

The benchmark indices continued to trade higher thanks to gains in index heavyweight stocks such as ITC, Tata Motors and Reliance Industries even as Asian markets traded lower after Fed Chair Janet Yellen signalled at future rate hikes in US. 

At 01:26 pm, the S&P BSE Sensex was trading at 27,318, up 60 points, while the broader Nifty50 was ruling at 8,430, up 14 points. 

Side indices were racing ahead with BSE Midcap and BSE Smallcap advancing 0.4% each. 

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,382 shares rose and 1,045 shares declined. A total of 175 shares were unchanged.

“Fresh volatility could be expected in the Indian market amid the earnings season especially after Federal Reserve Chair Janet Yellen on Wednesday pointed out that interest rates in the United States could rise quickly this year,” said brokerage Geojit BNP Paribas in a research note. 

BSE Telecom index (up 1.8%) was the top sectoral gainer, led by gains in Tata Communications (up 3%), Idea Cellular (up 2.5%) and Bharti Infratel (up 2%). Other sectoral gainers included BSE Oil & Gas (up 1.7%) and BSE Energy (up 1%). 

Among individual stocks, Gail (India) moved higher by over 4% to Rs 460 on the BSE after the company announced a bonus issue and fund raising plans.

Hatsun Agro Products hit a record high of Rs 420, up 5% after the company reported a strong 64% year on year (YoY) growth in net profit at Rs 28.81 crore for the quarter ended December 31, 2016 (Q3FY17).

Among losers, KPIT Technologies dipped 6% to Rs 136 after the dollar revenue of the company for December 2016 quarter (Q3FY17) declined 0.44% to $123 million. In constant currency terms there was a marginal growth of 0.2%.

Axis Bank shed nearly 2% ahead of its quarterly results later in the day. 

Globally, European Central Bank's decision on interest rate is scheduled for today where ECB is expected to hold rates in its first meeting of 2017.