Market Wrap, Jan 24: Sensex up 227 pts, BSE mid-cap index hits 52-wk high

Bulls held their reigns for the second consecutive day on Friday, as markets decisively stayed in the positive territory after a mild blip in the early morning trade. The pre-budget rally and decent Q3 results throughout the day were the biggest factors that drove the markets today. Banking counters were leading the charge from the front with ICICI Bank becoming the biggest contributor toward's today's gain, ahead of its December quarter results tomorrow. 

At close, the S&P BSE Sensex settled at 41,613 level, up 227 points or 0.55 per cent. UltraTech Cement, L&T, & Tech Mahindra were the top gainers on the 30-share index, while Power Grid, IndusInd Bank, and Reliance Industries were the top laggards. 

On the NSE, the Nifty50 reclaimed the 12,250-mark in the intra-day trade today and hit a high of 12,272. The 50-share index ended 68 points, or 0.56 per cent, higher at 12,248-mark.

Broader markets continued their outperformance on Friday as well, with the S&P BSE mid-cap index hitting its fresh 52-week high on the back of a strong rally in consumption-driven stocks. AU Small Finance Bank, ICICI Securities and Indraprastha Gas from the midcap index hit their respective all-time highs, while Amara Raja Batteries, MRF, Page Industries, Tata Chemicals, Torrent Power and Voltas touched their 52-week highs. At close, the index was at 15,826 level, up 0.8 per cent. 

The S&P BSE small-cap index, meanwhile, settled 0.5 per cent higher at 14,848.49.

Among the stocks that actively traded today:

>> Shares of YES Bank climbed 10 per cent to Rs 45 on the BSE, recording its sharpest intra-day gain in the past month. The stock has rallied 17 per cent in the past two days after State Bank of India Chairman Rajnish Kumar said he’s certain “some solutions will emerge” to steady YES Bank. At close, the stock was 4.4 per cent higher at Rs 43 apiece. 

>> Besides, Bank of Baroda gained 1.8 per cent to Rs 96.55 apiece in the intra-day trade today, ahead of its December quarter, scheduled to be released later in the day.  Analysts at Edelweiss Securities expect the asset quality to “spring in some volatility” given the exposure to few of the stressed groups. 

>> On the downside, shares of Adani Gas slipped 14 per cent on the BSE after media reports suggested that Petroleum and Natural Gas Regulatory Board of India has sent a notice to the company for failing to disclose crucial information regarding a scheme of arrangement with Adani Enterprises. The company later clarified that it had responded to the regulator "with all required information to close the matter". At close, the stock erased its entire loss to settle 1.4 per cent higher. 

In corporate news, the Supreme Court on Friday stayed the NCLAT's order dismissing the Registrar of Companies' plea seeking modification of its verdict in the Tata-Cyrus Mistry matter. The SC bench agreed to hear Tata Sons' appeal and issued notice to the parties concerned.

Here is how the global markets traded today:

Asian shares steadied today in holiday-thinned trade for the Lunar New Year. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.12 per cent, while Japan's Nikkei gained 0.13 per cent.

Trade in Asia was already slowing down for the Lunar New Year holiday, with financial markets in mainland China, Taiwan and South Korea closed on Friday.

In Europe, focus was back on PMI readings from major economies in the region after the World Health Organization stopped short of calling the virus outbreak in China a global emergency. The pan-European STOXX 600 climbed 0.8 per cent by 1:40 pm.