Market Wrap, Jan 29: Sensex climbs 282 pts; Bajaj Fin hits new high post Q3

Indian equities shifted their focus back to December quarter earnings and placed stock-specific bets amid expectations of market-friendly proposals in the upcoming Union Budget for FY 2020-21. That apart, China's proactive measures to curb the spread of coronavirus, too, provided stability to the global markets. 

The frontline S&P BSE Sensex snapped two-day losing streak to settle 232 points, or 0.57 per cent, higher at 41,199 level. Market breadth remained balanced with every 1 stock advancing for every 1 stock that declined at the BSE. 

On the National Stock Exchange, the Nifty50 settled above the crucial 12,100-mark at 12,129 level, up 73 points or 0.61 per cent.

Bajaj Finance closed 5 per cent higher on the BSE after the NBFC reported its highest ever quarterly consolidated net profit at Rs 1,614.11 crore in the December quarter of FY20, up 52 per cent year on year. Besides, the NBFC logged a consolidated net interest income of Rs 4,537 crore, a rise of 42 per cent YoY. 

Overall, except Nifty Pharma, all the key sectoral indices ended the day in the green. Nifty FMCG index was up 1.20 per cent at close, followed by gains in Nifty Metal index (up 0.79 per cent), and Nifty Auto index (up 0.77 per cent).  

The broader markets, however, underperformed the headline indices today. The S&P BSE mid-cap edged 0.46 per cent to 15,750.36 level, while the S&P BSE small-cap index was at 14,837.49, up 0.10 per cent.

Big corporate news:

Bharti Airtel on Wednesday said it is working to get the company's name removed from 'Denied Entry List', but added that DGFT's latest action does not limit its ability to undertake future imports or exports. The stock settled 0.17 per cent lower at Rs 490 per share.

And before we close, let's take a look at the global markets' performance: 

Barring Hong Kong's Hang Sang, most of the Asian indices stabilised on Wednesday. 

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.41 per cent. However, most of the losses were confined to Hong Kong shares, which sank 2.4 per cent on their first session after a two-and-a-half trading daybreak for Lunar New Year. Meanwhile, Japan’s Nikkei stock index rose 0.62 per cent, and Australia’s main index added 0.53 per cent.

That apart, European futures rose 0.22 per cent in early trading and US stock futures were up 0.27 per cent.