Sensex, Nifty stuck in range

Range bound trading continued in afternoon trade. At 13:30 IST, the S&P BSE Sensex rose 257.99 points or 0.63% at 41,224.85. The Nifty 50 index jumped 85.05 points or 0.71% at 12,140.85. Caution prevailed ahead of Union Budget on Saturday, 1 February 2020.

In the broader market, the S&P BSE Mid-Cap index was up 0.51% while the S&P BSE Small-Cap index rose 0.21%.

The market breadth was positive. On the BSE, 1296 shares rose and 1005 shares fell. A total of 166 shares were unchanged. In Nifty 50 index, 42 stocks advanced while 8 stocks declined.

Stocks in Spotlight:

Bajaj Finance (up 1.54%) and Bajaj Finserv (up 1.3%) will announce Q3 2019 earnings today.

Tata Motors (up 5.51%), Adani Ports and Special Economic Zone (up 3.30%), Bharti Infratel (up 2.80%), JSW Steel (up 2.92%) and ITC (up 2.64%) were the top gainers.

Eicher Motors (down 4.34%), TCS (down 0.85%), Titan Company (down 0.54%), Bharti Airtel (down 0.41%) and Sun Pharmaceutical Industries (down 0.25%) were the top losers.

Infosys rose 1.31% to Rs 788.10. The IT major said that it divested its stake in Denmark-based UNSILO A/S for approximately $0.8 million on 28 January 2020. In November 2016, Infosys had announced an investment of 14,920,000 Danish Krone from its Innovation Fund in UNSILO, an artificial intelligence startup focused on advanced text analysis. The announcement was made after trading hours yesterday, 28 January 2020.

Dr Reddy’s Laboratories fell 0.39% to Rs 3176.35 after the US drug regulator issued five observations on the company’s Active Pharmaceutical Ingredients (APIs) plant at Srikakulam, Andhra Pradesh.

Global Markets:

European shares opened mostly higher while most Asian stocks were trading higher, brushing off coronavirus concerns.

Chinese health officials said the death toll has risen to 132 with the number of confirmed coronavirus cases in China now standing at 5,974, topping the number of SARS cases previously. Between 1 November 2002, and 31 July 2003, China had 5,327 SARS cases, according to the World Health Organization.

Chinese President Xi Jinping called on the country to strengthen its resolve on Tuesday, saying I believe that as long as we strengthen our confidence, help each other, adopt scientific prevention and containment measures, and persist in precise policies, we will definitely win the battle against the outbreak.

Hong Kong leader Carrie Lam announced a package of measures aimed at limiting the Asian financial hub’s connections to mainland China. Flights and high speed train journeys between Hong Kong and the Chinese city of Wuhan will be halted, and annual official Lunar New Year celebrations for the city have been scrapped.

In US, markets recovered some ground on Tuesday, after worries about the impact of China’s coronavirus outbreak on global economic growth sparked the biggest one-day selloff since early October on Monday.
Powered by Capital Market – Live News(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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