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Market Wrap, Feb 11: Sensex snaps 2-day losing streak, rises 237 pts

In the intra-day deals, the Sensex and Nifty50 hit a high of 41,444.34 and 12,172.30 level, respectively

BS Web Team  |  New Delhi 

Benchmark equities reversed losses of the previous two sessions and marched ahead Tuesday as investors comforted from the decline in the rate of newly reported cases of Coronavirus in China. Broad-based buying across sectors lifted the benchmark S&P BSE Sensex to 41,216 level, up 237 points or 0.58 per cent. NTPC, Maruti Suzuki, Power Grid, and IndusInd Bank, up in the range of 1.6 and 3 per cent, settled the day as the top gainers on the 30-share index. On the flipside, Nestle India, Bharti Airtel, M&M, and TCS were the top laggards.

On the NSE, the broader 50-share index managed to hold the 12,100-mark and closed at 12,108 level, up 76 points or 0.63 per cent.

On the sectoral front, only Nifty FMCG index slipped into the red at close, down 0.3 per cent. On the upside, Nifty Bank, Pharma, Metal, and Private Bank indices added 0.8 per cent each.

The broader market counters, however, underperformed today. The S&P BSE mid-cap index closed 0.35 per cent higher at 15,836 level, meanwhile the S&P BSE small-cap index slipped 0.19 per cent to close at 14,748 level.

BUZZING STOCKS

Shares of surged 7 per cent to Rs 130 on the BSE on Tuesday after most of the brokerage firms maintained ‘buy’ rating on the stock following earnings improvement in the December quarter. The company’s profit before tax witnessed a sequential growth of 22 per cent at Rs 1,872 crore during the recentlu concluded quarter. The stock was 6 per cent higher, at Rs 129, at close.

Besides, shares of extended their gains to third straight day, surging 10 per cent to hit a 7-month high of Rs 399, on the BSE today on back of heavy volumes. The stock quoted its highest level since June 27, 2019. At close, the stock was at Rs 393, up little over 8 per cent.

Lastly, shares of gained 10 per cent on Tuesday to hit the upper circuit for the 12th straight session. Since January 27, 2020 -- when it was re-listed on the stock exchanges after consolidation of equity shares of the company -- the edible oils company's stock price has appreciated by 105 per cent.

GLOBAL MARKETS

European shares rose to a record high early Tuesday as a slowdown in the rate of new infections in the coronavirus outbreak provided some relief, although still worried over the wider global economic impact. The pan-European STOXX 600 index rose as much as 0.7 per cent to a record high of 427.46.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.9 per cent, with Shanghai blue chips ahead by 0.8 per cent.

Japan's Nikkei was closed for a holiday, although Nikkei futures traded 0.8 per cent firmer. Futures for the EUROSTOXX 50 rose 0.7 per cent and the FTSE 0.5 per cent.

In commodities, oil prices rose around 1 per cent on Tuesday. Brent crude rose 53 cents, nearly 1 per cent, to $53.80 a barrel, retreating from an intraday high of $54.16. US West Texas Intermediate was up 46 cents, about 1 per cent, at $50.18 a barrel.

First Published: Tue, February 11 2020. 16:40 IST
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