Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Domestic markets on Wednesday continued to regain their lost shine for third day in a row as Sensex rose 353 points, reclaiming the 41,142 mark and Nifty also topped the 12,089 mark at the end of the day.
At 3.59 p.m. the Sensex was at 41,142.66, higher by 353.28 points and the Nifty was up 109.50 points at 12,089.15.
Gains were led by Tata Steel, up 2.98 per cent on the Sensex followed by LT, HDFC, SBIN, and TCS. Laggards on the other side, were led by Hero Moto, down by 4.47%, followed by Maruti, Nestle India, Power Grid and Asian Paint.
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As Coronavirus related deaths in China crossed the 400, the global oil benchmark Brent crude traded below the $55 a barrel-mark. The virus outbreak has led Chinese oil consumption to fall by 20 per cent.
“Post budget, the market has shifted its focus back to fundamentals and earnings. With strong PMI data, in-line January auto sales numbers, and a decent Q3 (third quarter) FY20 earnings season so far, the sentiments have turned positive,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
He further added that investors now are awaiting the RBI monetary policy which is due on Thursday, and where the central bank is expected to maintain status quo on its rates owing to the rising trajectory of inflation.
Khemka said, RBI’s macroeconomic outlook, presented along with the monetary policy statement, would be keenly watched.
(With input from agencies)
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