Key barometers were trading near the day's high in mid-afternoon trade. The trend was supported by strong global cues, reversal in crude oil prices and a sharp rebound in rupee. Global stock markets advanced as the United States and Iran backed away from the brink of conflict in the Middle East while investors reversed their safety plays.
At 14:25 IST, the S&P BSE Sensex, was up 584.69 points or 1.43% at 41,402.43. The Nifty 50 index gained 169.70 points or 1.41% at 12,195.05.
The broader market outperformed the key benchmarks. The S&P BSE Mid-Cap index was up 1.33% while the S&P BSE Small-Cap index was up 1.48%.
The market breadth favored the buyers. On the BSE, 1752 shares rose and 700 shares fell. A total of 209 shares were unchanged. In Nifty 50 index, 41 stocks advanced while 9 stocks declined.
Buzzing Index:
Shares of steel makers and thermal power producers advanced after the government yesterday opened up the coal sector by removing the end use restriction. This could attract international miners to the sector with latest technology and raise the coal production. This will reduce imports of coal.
State-run coal major Coal India was down 0.90% to Rs 198.40.
Among the thermal power generators, CESC (up 3.05%), Tata Power (up 2.13%), Adani Power (up 1.42%), Torrent Power (up 1.28%) advanced. JSW Energy (down 2.17%) and NTPC (down 0.21%) declined.
Among the steel companies, JSW Steel (up 5.09%), Steel Authority of India (up 2.67%), Tata Steel (up 1.35%) and Jindal Steel & Power (up 0.4%) edged higher.
Stocks in Spotlight:
Indiabulls Housing Finance surged 5.32% to Rs 326.45. The company has made an offer to all debenture holder(s) for pre-mature redemption of its NCDs maturing in January 2020.
Aster DM Healthcare rose 4.90% to Rs 168.05. The company said that its board approved a buyback of up to 57,14,285 equity shares, or 1.13% equity, at Rs 210. The buyback size shall not exceed Rs 120 crore.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 6.539% at 14:21 IST compared with 6.557% in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was trading at 71.4750, compared with its previous closing low of 71.70.
In the commodities market, Brent crude for March 2020 settlement was up 38 cents a barrel at $65.82 per barrel. The contract slumped 4.15% to settle at $65.44 a barrel in previous session as geo political tensions in Middle East eased.
MCX Gold futures for 5 February 2019 settlement declined 0.65% to Rs 39,848.
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