Stock markets today rose for the second straight day with the benchmark BSE Sensex rising 178.35 points to end at 28,533.97 and the NSE Nifty index reclaiming the 8,600-mark powered by a rebound in bluechips amid hopes of faster reforms and optimism over the upcoming Budget.
After surging to 28,618.91 points on value-buying, the Sensex slipped partially to end at 28,533.97, logging a net gain of 178.35 points, or 0.63 per cent. Intra-day, it hit day’s low of 28,424.39. Yesterday, the index snapped a seven-day downtrend by rising 128.23 points.
Similarly, the 50-share NSE Nifty recaptured the crucial 8,600-mark by rising 61.85 points, or 0.72 per cent, to close at 8,627.40. It moved between 8,593.65 and 8,651.95 intra-day.
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Sentiments were buoyed largely on increased buying by participants on optimism over forthcoming Budget that may propose growth boosting measures with focus on more spending on infrastructure sector, equity brokers said.
Besides, covering-up of short positions by speculators also helped stocks to recover, they added.
Market Outlook by Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services
We have seen a large chuck of the impact from poor results, state election, no rate cut and euro concerns. Today we are near the end of the result season and ECB meet will start today, market hopes to move out these concerns. The outlook for earnings continues to be robust led with improvement in cost matrix. Hence we can hope that as market concludes its expectation from budget, we will continue to stabilize.
Market Wrap Up by Alex Mathews, Head Research, Geojit BNP Paribas Financial Services
The markets today opened with a positive note tracking the global cues and remained in the positive territory because of the over-sold situation of the markets. The major gains were seen Banking, Consumer Durables and capital goods sector. Now the investors were turned their focus to the union budget in the end of the month.
Nifty today closed at 8627, up around 61 points. The market breadth turned to positive as there were seen 1726 stocks advancing against 1074 stocks declining. The Nifty volatility index, India VIX stood at 20.5025 down around 3.25%.
The mid cap and the small cap sector ended up around 1.55% and 1.47% respectively.
All the sectors ended in green and the major ones in the list are the Capital goods and Metal sectors, which ended down around 2% and 1.68% respectively.
In the stocks’ front, buying were seen in Jindal Steel and Tech Mahindra, closed up around 6.48% and 3% whereas selling were seen in ONGC and BHEL which closed down around 2.72% and 2.29% respectively.
The FIIs were net sellers in the capital market segment, sold shares worth Rs 1261.19 crore on Tuesday, 10 February 2015. On the other hand the DIIs were net buyers on 10 February 2014, bought shares worth Rs 851.32 crore as per the provisional data from the stock exchanges.
Ahead of the meeting between the Greece Finance Minister and his counterparts of the Euro zone area, the European markets were little changed. The US index futures were also trading lower.
Tomorrow Tata Communication, Relcapital, Gujarat Gas, FACT, CESC, Coal India, BHEL, SCI, ONGC, MRF, Hindalco, Kesoram Ind, Glaxo, IGL, Finolex Cables, Max India, Bajaj Hind, FRL and Neyveli lignite are some of the major ones which may announce their earnings.
Gains in Sensex were powered by Axis Bank that climbed 2.87 per cent, followed by L&T with a gain of 2.57 per cent after falling sharply in past few days.
Other gainers which supported the key indices include Maruti Suzuki, Tata Steel, RIL, Hero MotoCorp, Hind Unilever, ITC Ltd, ICICI Bank, NTPC, Coal India and Bajaj Auto.
In the 30-Sensex pack, 21 constituents ended higher while eight finished in the negative zone. Sensex laggards include ONGC, SBI, Tata Motors, Wipro, Cipla, Bharti Airtel and BHEL.
Globally, a mixed trend in Asia and a slightly better trend in European markets influenced trading sentiments here.
Meanwhile, Foreign Portfolio Investors sold shares worth a net Rs 1,261.19 crore yesterday, according to bourses.
Sectorwise, the BSE Capital Goods Index gained the most by surging 2 per cent, followed by Metal index 1.68 per cent.
Healthcare 1.25 per cent, Power 1.16 per cent, Banking 1.05 per cent, FMCG 0.85 per cent, Oil&Gas 0.82 per cent and Auto 0.80 per cent were among the winners.