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MARKETS: Indices snap 3-day losing streak, Sensex up 271 pts; L&T gains 3%

All that happened in the markets today

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

markets
snapped three-day losing streak as stock-specific developments, Q3 result reactions, and low crude oil prices, which slipped over 1 per cent on Thursday, dominated the investor sentiment. Even as gains in heavyweights like Larsen and Toubro (L&T), Axis Bank, State Bank of India, Infosys and ICICI Bank provided the necessary support, equity remained volatile in a range-bound trade due to weekly expiry. 

Besides, expectations from the government to provide necessary fiscal stimulus, during Budget for FY21, to lift the economy supported trading activity. On Wednesday, Information and Broadcasting Minister Prakash Javadekar said the government would unveil its “plan of action” in the Budget to boost the economy, which is grappling with a slowdown. The Budget is scheduled to be presented on February 1. READ MORE

The S&P BSE Sensex closed settled near day's high, up 271 points, or 0.66 per cent, at 41,386.40 level. L&T (up over 3 per cent) was the top gainer on the benchmark index, followed by Bharti Airtel, SBI, Titan, and M&M (all up over 2 per cent each). On the other hand, Tech Mahindra, TCS, Bajaj Finance, and Reliance Industries were the top losers today.

On the NSE, the Nifty50 was above the 12,150-mark and closed 73.45 points, or 0.61 per cent, higher at 12,180.35 mark. Barring Nifty Media index (down 2 per cent), all the key sectoral indices on the NSE ended the day with gains, led by Nifty Realty index (up 2 per cent), and Nifty PSU Bank (1.16 per cent).

In the broader markets, the mid-caps continued to outperform the frontline indices. The S&P BSE mid-cap index edged a per cent higher to settle at 15,701.81 level. The S&P BSE small-cap index, on the other hand, closed 0.95 per cent higher at 14,772.32 level.

GLOBAL MARKETS

Asian shares tumbled on Thursday, led by the biggest slide in Chinese stocks in more than eight months, as investors grew more anxious about the spread of a new flu-like virus in China just as millions prepared to travel for the Lunar New Year.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.07 per cent. Chinese shares suffered a steep 3.04 per cent loss, on course for their biggest daily decline since May 6, 2019, when US President Donald Trump’s threats of additional tariffs on Chinese goods roiled financial

Shares in Hong Kong also took a beating, down 1.91 per cent, while Japan’s Nikkei stock index slid 0.99 per cent. Euro Stoxx 50 futures were down 0.4 per cent, suggesting European shares are also heading into a rough trading session.

In the commodities market, Brent Crude Futures were at $62.34 per barrel-mark, down 1.34 per cent, in the afternoon trade.

(With inputs from Reuters)

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