Sensex Gains 550 Points, Nifty Nears 17,300; Airtel Rallies 5 per cent


The key benchmark indices Sensex and Nifty opened pretty optimistic on Friday after being subdued amid a worldwide sell-off within the final one week. At 9:22 am, the 30-share BSE Sensex jumped 579 factors or 1.01 per cent to 57,856; whereas the broader NSE Nifty moved 153 factors or 0.89 per cent increased to 17,263.

Equity benchmark Sensex tumbled 581 factors on Thursday, in tandem with a worldwide selloff after the US Federal Reserve signaled coverage tightening from March. However, on Friday traded increased in opening offers led by shopping for in all sectors amid optimistic world cues.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated: “There are three tendencies available in the market that are essential from traders’ perspective. One, relentless huge promoting by FIIs ( round Rs 33000 cr thus far in Jan) is rising because the strongest headwind to the market within the brief run. Two, there may be huge churn occurring inside the Nifty from tech to banking and to a lesser extent to autos. Three, over-valued development shares are getting punished and their valuations are slowly attending to real looking ranges. These tendencies present alternatives to traders.”

Among the Sensex-30 shares, NTPC, Tata Steel, Bharti Airtel, Titan, Wipro, Bajaj Finance, IndusInd Bankand M&M were the top gainers. In the broader markets, the BSE MidCap and SmallCap indices were also in the green zone, up over 1 per cent each, respectively.

Sectorally, all Nifty indices were trading higher with the Nifty Realty, IT, Metal, Auto, Oil & Gas PSU Bank and Pharma indices being top gainers, up 1-1.9 per cent.

“The first day of the February expiry series is expected to begin with markets staying flattish around the 17,100 levels. The fall seen in the January expiry has kept the markets above the significant 17,000 levels on a closing basis. With the budget round the corner along with the expectations of people’s budget to prove beneficial for the UP elections. Needs to be watched closely. The Asian indices saw some positive turn after the losses on account of the tighter monetary policy from the US fed,” stated Mohit Nigam, Head – PMS, Hem Securities.

He additional stated: “With Nifty maintaining robust help at 17,000, the resistance appears to be 17,400 for the close to time period. While financial institution Nifty. Markets appear to supply robust optimistic momentum publish the funds so advise traders to remain put within the unstable instances for higher returns within the close to time period.”

Global cues

Hong Kong shares opened slightly higher Friday morning as traders struggled to cap a painful week on a slightly optimistic note, following another tepid performance on Wall Street as US rate hike fears hurt sentiment. The Hang Seng Index edged up 0.05 per cent, or 11.94 points, to 23,818.94. The Shanghai Composite Index climbed 0.39 per cent, or 13.35 points, to 3,407.59.

Tokyo’s key Nikkei index opened higher on Friday, rebounding from sharp losses in the previous session. The benchmark Nikkei 225 index rose 1.17 per cent, or 307.38 points, to 26,477.68 in early trade, while the broader Topix index added 1.22 per cent, or 21.88 points, to 1,864.32. It came after Tokyo shares plunged more than three percent on Thursday, following US Fed Chair Jerome Powell’s announcement that a rate hike was likely in March.

Another volatile day of trading on Wall Street ended Thursday with stocks closing lower after giving up an early rally. The late-afternoon fade extended the market’s losing streak as it closes in on its fourth weekly loss. The S&P 500 fell 23.42 points to 4,326.51, its third straight decline. The Dow fell 7.31 points to 34,160.78. The Nasdaq dropped 189.34 points to 13,352.78. The Russell 2000 fell 45.18 points to 1,931.29.

Oil prices eased after Brent crude hit a seven-year high above $90 a barrel, as the market balanced concerns about tight worldwide supply with expectations the US Federal Reserve will soon tighten monetary policy.

Benchmark Brent fell 15 cents to $89.81 a barrel, while US crude fell 20 cents to $87.15 a barrel in a volatile session with both contracts see-sawing between positive and negative territory.

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