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Markets snap 7-day losing streak

Provisionally, the 30-share Sensex gained 155 points to end at 28,382 and the 50-share Nifty surged 50 points to close at 8,576.

SI Reporter Mumbai
Last Updated : Feb 10 2015 | 3:32 PM IST
After a steep fall of 491 points, markets have bounced back in today’s session on the back of fresh capital infusion in shares of banks, auto and metal companies shrugging off the weakness in the global peers.

Provisionally, the 30-share Sensex gained 155 points to end at 28,382 and the 50-share Nifty surged 50 points to close at 8,576. 
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(updated at 3.32PM)

Benchmark indices have turned extremely volatile as investors have turned cautious ahead of Delhi Assembly Election outcome.

Arvind Kejriwal had asked Delhi for a majority. It has given him an assembly with virtually no opposition. The Aam Aadmi Party has redefined the words absolute majority, now leading in 67 of Delhi's 70 seats.

At 14.15 PM, the 30-share Sensex was down 102 points at 28,125 and the 50-share Nifty dipped 41 points at 8,496.

Among broader markets, BSE Midcap and Smallcap indices are down 0.2% each. Market breadth is marginally weak with 1,328 losers and 1,235 gainers on the BSE.

Meanwhile, foreign portfolio investors continued to remain sellers in Indian equities with net sale of Rs 660.30 crore on Monday, as per provisional data.

The rupee is trading at 61.98 per dollar vs previous close of 62.16.

The government on Monday estimated India’s economic growth this financial year at 7.4%, against 6.9% in 2013-14, as the country changed its definition of gross domestic product (GDP) and the base year for calculating it. The estimated growth for 2014-15 is the same as China’s growth for 2014.

Earlier, both the International Monetary Fund and the World Bank had said India’s growth would exceed China’s by 2016-17. Capital Goods and Power shares will be in focus.

GLOBAL MARKETS

Asian equities were lower across the board on Tuesday as nervousness over Greece potentially withdrawing from the euro and escalating conflict in Ukraine sapped risk appetite, while the dollar lost steam after its payrolls-inspired rally.

Japan's Nikkei slipped 0.8% and shares in Australia and South Korea were also lower. MSCI's broadest index of Asia-Pacific shares outside Japan stood little changed.

Chinese data offered little help to risk assets, as signs of weakness in the world's second largest economy were reinforced by inflation hitting a five-year low. On the flip side, mounting concern over the slowdown should increase prospects for further stimulus. Riding on such expectations the Shanghai Composite Index climbed 0.8%.

SECTORS & STOCKS

BSE Oil & Gas index has slumped by almost 2% followed by counters like Realty, Healthcare, Capital Goods and IT, all dipping by 1% each. However, BSE Auto and Consumer Durables indices are up nearly 1% each.

The main losers on the Sensex are HDFC, TCS, Sun Pharma, RIL, Axis Bank and L&T.

Reliance Industries has claimed that allegations that its Chairman Mukesh Ambani has illegal Swiss bank accounts are not true and said it operates many international accounts for its business purposes which are as per the law.

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First Published: Feb 10 2015 | 3:32 PM IST

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