Sensex, Nifty edge higher ahead of GDP numbers, Economic Survey; top factors to keep investors busy today

Domestic benchmark indices opened higher on Friday tracking Asian markets which regained on hopes that China could contain the coronavirus. A slew of events such as presentation of Economic Survey, the announcement of GDP numbers, results of some index heavyweights, Union Budget and auto sales numbers for January, likely to keep the investors on edge in the trade today. “We expect markets to remain volatile in the near term given the earnings season and nervousness surrounding the crucial event – Union Budget. Further, the release of Auto sales numbers for the month of January (scheduled on Feb 1st) will remain on the market radar. We believe investors can utilize any correction to invest in fundamentally sound companies with strong growth prospects,” Ajit Mishra, VP – Research, Religare Broking Ltd said.

Markets at glance-

1.Sensex, Nifty marginally higher- Around 10 AM, S&P BSE Sensex was trading 63 points or 0.15 percent higher at 40,977, while the broader nifty 50 index was ruling at 12,053, up 17 point or 0.14 per cent.

2. Top Sensex gainers- Kotak Mahindra Bank, top gainer on the Sensex, was trading 4 per cent higher at Rs 1,692 apiece after the Reserve Bank of India granted the bank’s promoters an in-principle approval to cap their voting rights at 20 per cent of paid-up voting equity share capital (PUVESC) until March 31, 2020. Bajaj-Auto, IndusInd Bank, M&M were among other gainers on the index.

3. Top laggards of Sensex- ONGC, Power Grid, NTPC, HCL Tech and ICICI Bank were among the top losers on the Sensex. ONGC was trading over 4 per cent lower at Rs 110.90 apiece on the BSE.

4. Sectoral indices trade mixed- Nifty sectoral indices were trading mixed in the trade today. The Nifty Metal index was the top loser, down 0.89 per cent, weighed by NMDC, JSW Steel and APL Apollo Tubes. While, the Nifty Bank index was trading 0.75 per cent higher led by gains in Kotak Mahindra Bank, IndusInd Bank, YES Bank and KDFC Bank.

5. Results of index heavyweights- SBI, ITC, Hindustan Unilever (HUL), Tech Mahindra, Vedanta, Power Grid, Castrol India, Bank of India and Coromandel International are among companies that are scheduled to release their December quarter earnings today.

6. FIIs sell Rs 962 crore worth stocks- On Thursday, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 962 crore while domestic institutional investors (DIIs) were net buyers to the tune of Rs 292 crore on bet basis, as per the data available with NSE.

7. Economic Survey presentation- The Economic Survey of India will tabled in Parliament today. CEA Subramanian will be presenting his second Economic Survey. It is released under the guidance of CEA and prepared by the Department of Economic Affairs.

8. Coronavirus fears- The World Health Organization on Thursday declared a global emergency as the virus spread to more countries.

9. Global markets- MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.4 per cent but was still down 3.8 per cent on the week so far. Japan’s Nikkei bounced 1.8 per cent, recouping half of its weekly loss, according to Reuters. On Wall Street, the Dow Jones Industrial Average index rose 124.99 points, or 0.43 per cent, to 28,859.44, the S&P500 index gained 10.26 points, or 0.31 per cent, to 3,283.66 and the Nasdaq Composite added 23.77 points, or 0.26 per cent, to 9,298.93.