Sensex trades over 100 points higher; Maruti Suzuki, M&M among top gainers ahead of quarterly earnings

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Published: January 28, 2020 10:07:25 AM

At 9.45 AM, S&P BSE Sensex was trading 124 points or 0.30 per cent higher at 41,279.39, while broader Nifty 50 index was ruling at 12,146, up 27 points

Sensex, NiftyOn the Sensex pack, HDFC, Hero MotoCorp, M&M, Sun Pharma and Maruti were among the top gainers

Domestic equity benchmark indices Sensex and Nifty opened higher on Tuesday led by gains in HDFC twins, Axis Bank, Mahindra & Mahindra (M&M) and Maruti. “We maintain our cautious stance for the Indian markets in the near term. Going forward, we expect indices to remain highly volatile, as it would be dictated by key events such as US Fed meet, FNO expiry and the Union Budget, which are lined-up this week. Hence, we advise investors to take cues from the on-going corporate earnings season and follow stock-specific approach,” Ajit Mishra, Vice President, Research, Religare Broking Ltd said.

At 9.45 AM, S&P BSE Sensex was trading 124 points or 0.30 per cent higher at 41,279.39, while broader Nifty 50 index was ruling at 12,146, up 27 points. On the Sensex pack, HDFC, Hero MotoCorp, M&M, Sun Pharma and Maruti were among the top gainers while Nestle India, Power Grid, Bharti Airtel and HCL Tech were top laggards on the index. Apart from this, around 65 companies including Maruti Suzuki, M&M, JK Lakshmi Cement are scheduled to release their December quarter earnings in the day.

Barring Nifty IT and Nifty Metal index, all the sectoral indices were trading in green. The Nifty Bank index was trading 205 points higher at 31,042 led by gains in State Bank of India, Yes Bank, IndusInd Bank and RBL Bank. Nifty Financial Services index was also trading over 1 per cent higher driven by HDFC, IndiaBulls Housing Finance, HDFC Life and Bajaj Holdings.

In the broader markets, the S&P BSE MidCap index was trading 42 points or 0.26 per cent higher at 15,800, while S&P BSE SmallCao index was ruling at 14,939, up 86 points or 0.58 per cent. Foreign institutional investors sold equities worth Rs 438.85 crore, while domestic institutional investors (DII) were net buyers to the tune of Rs 10.51 crore on a net basis on Monday, as per the provisional exchange data showed.

On Wall Street, the Dow Jones Industrial Average fell 453.93 points, or 1.6 per cent, to 28,535.80. The S&P500 index dropped 51.84 points, or 1.6 per cent, to 3,243.63. The Nasdaq lost 175.60 points, or 1.9 per cent, to 9,139.31.

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