Sensex rises 110 pts, Nifty eyes 18K; PowerGrid, HCL Tech, Airtel top gainers
Sensex opened 110 points higher at 61,112 and Nifty gained 21 points to 17,965. The market capitalisation of BSE-listed firms rose to Rs 266.98 lakh crore.
- Feb 20, 2023,
- Updated Feb 20, 2023 9:58 AM IST
Indian benchmark indices opened marginally higher today in line with muted global markets. Sensex opened 110 points higher at 61,112 and Nifty gained 21 points to 17,965. The market capitalisation of BSE-listed firms rose to Rs 266.98 lakh crore.
PowerGrid, HCL Tech, Bharti Airtel and ITC were the top Sensex gainers, rising up to 1.38 per cent in early trade. Of 30 Sensex shares, 17 were trading in the green.
Wipro, Nestle India, Bajaj Finserv and Tata Motors were the top Sensex losers, falling up to 0.54%. Banking and IT stocks were the top sectoral gainers with their BSE indices rising 68 points and 107 points, respectively. Pharma and oil and gas indices were the top losers with their indices slipping 124 points and 46 points in early trade.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Servicess said, “It appears that the period of sustained selling by FIIs is over and they have started buying on some days. The negative sentimental impact of the Adani issue appears to be behind us. The likely hawkish stance from the Fed will restrain the rally in the US market and this will also keep the Indian market in a range, attracting selling at higher levels and buying at lower levels. Valuations of the leading banking names, large-cap IT and capital goods companies are reasonable now and may be accumulated on declines.”
BSE mid cap and small cap indices fell 24 points and 17 points, respectively. Market breadth was positive with 1440 stocks trading higher against 1198 stocks falling on BSE. 142 shares were unchanged.
Foreign institutional investors were net sellers on Friday as they offloaded shares worth Rs 624.61 crore, as per exchange data.
Previous session
Domestic benchmark indices snapped the three-day winning streak on Friday and settled lower. Weak global cues dented the sentiments at Dalal Street as the inflation worries spooked the traders. Sensex dropped 316.94 points, or 0.52 per cent, to 61,002.57 and Nifty50 declined 91.65 points, or 0.51 per cent, to 17,944.20. Broader markets tanked in tandem with the headline peers as BSE midcap and smallcap declined about per cent, each. India VIX jumped about 2 per cent to the 13.08 level.
Global markets
In Asia, Tokyo's Nikkei 225 was trading flat at 27,513 and the Hang Seng in Hong Kong gained 172 pts or 0.83% to . The Shanghai Composite Index added 0.98% to 3255 and the Kospi in Seoul was flat at 2457. In the US, the Dow Jones Industrial Average rose 0.39% at 33826 on Friday. The Nasdaq composite fell 0.58% to 11,787 and S&P 500 slipped 0.28% to 4,079.
Also read: Bharat Dynamics, Garden Reach shares to go ex-dividend today; Tata Steel board to consider NCD issue
Also read: Tata group stock: 3 reasons why Tata Motors shares can jump over 20% in next 12 months
Indian benchmark indices opened marginally higher today in line with muted global markets. Sensex opened 110 points higher at 61,112 and Nifty gained 21 points to 17,965. The market capitalisation of BSE-listed firms rose to Rs 266.98 lakh crore.
PowerGrid, HCL Tech, Bharti Airtel and ITC were the top Sensex gainers, rising up to 1.38 per cent in early trade. Of 30 Sensex shares, 17 were trading in the green.
Wipro, Nestle India, Bajaj Finserv and Tata Motors were the top Sensex losers, falling up to 0.54%. Banking and IT stocks were the top sectoral gainers with their BSE indices rising 68 points and 107 points, respectively. Pharma and oil and gas indices were the top losers with their indices slipping 124 points and 46 points in early trade.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Servicess said, “It appears that the period of sustained selling by FIIs is over and they have started buying on some days. The negative sentimental impact of the Adani issue appears to be behind us. The likely hawkish stance from the Fed will restrain the rally in the US market and this will also keep the Indian market in a range, attracting selling at higher levels and buying at lower levels. Valuations of the leading banking names, large-cap IT and capital goods companies are reasonable now and may be accumulated on declines.”
BSE mid cap and small cap indices fell 24 points and 17 points, respectively. Market breadth was positive with 1440 stocks trading higher against 1198 stocks falling on BSE. 142 shares were unchanged.
Foreign institutional investors were net sellers on Friday as they offloaded shares worth Rs 624.61 crore, as per exchange data.
Previous session
Domestic benchmark indices snapped the three-day winning streak on Friday and settled lower. Weak global cues dented the sentiments at Dalal Street as the inflation worries spooked the traders. Sensex dropped 316.94 points, or 0.52 per cent, to 61,002.57 and Nifty50 declined 91.65 points, or 0.51 per cent, to 17,944.20. Broader markets tanked in tandem with the headline peers as BSE midcap and smallcap declined about per cent, each. India VIX jumped about 2 per cent to the 13.08 level.
Global markets
In Asia, Tokyo's Nikkei 225 was trading flat at 27,513 and the Hang Seng in Hong Kong gained 172 pts or 0.83% to . The Shanghai Composite Index added 0.98% to 3255 and the Kospi in Seoul was flat at 2457. In the US, the Dow Jones Industrial Average rose 0.39% at 33826 on Friday. The Nasdaq composite fell 0.58% to 11,787 and S&P 500 slipped 0.28% to 4,079.
Also read: Bharat Dynamics, Garden Reach shares to go ex-dividend today; Tata Steel board to consider NCD issue
Also read: Tata group stock: 3 reasons why Tata Motors shares can jump over 20% in next 12 months