Sensex up nearly 100 points; Tata Power slips 4%

After posting losses for four straight sessions, markets have bounced back in today’s trade and are trading higher led by financials and technology shares despite weak global cues.

By 11.50, the Sensex is trading higher by 78 points at 28,961 mark whereas the Nifty has gained 24 points at 8,748.

Among broader markets, BSE Midcap and Smallcap indices are up 0.2% each. Markets breadth in BSE is marginally positive with 1,230 shares advancing and 1,202 shares declining.

Buzzing stocks:

On the sectoral front, BSE FMCG, IT, Teck and Bankex are trading higher up to 2%. However,  Power, Realty, Healthcare and Consumer Durables indices are losing sheen and have lost up to 2%.

Shares of all three listed state-owned oil marketing companies – Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) are trading higher between 1-3% on BSE after Brent crude dropped to $48.44 a barrel. On the other hand, oil exploration majors ONGC and GAIL have lost 25 each.

Shares of IT majors have gained between 0.5-3% on the BSE after IT services company Cognizant on Wednesday posted better-than-expected numbers in the fourth quarter as well as the accounting year ended December 31. It gave a robust growth forecast for the next year. Further, a depreciating rupee bolstered the technology pack.

TCS, HCL Tech, Wipro, Tech Mahindra, Infosys and Mindtree are trading higher between 0.5-2% on the BSE.

Shares of HDFC Bank are trading high by over 1% to Rs 1,080 on the BSE in the early deals after it initiated the process of raising Rs.10,000 crore from domestic qualified institutional investors and foreign investors on receiving a formal approval from the foreign investment promotion board (FIPB), based on media reports.

Financials are trading higher across the exchange. Axis Bank, HDFC and SBI are trading higher up to 2%.

Riding high on the other income, Tata Power reported a Rs 198-crore consolidated net profit in the quarter of this financial year. It had reported a Rs 75-crore loss last year. The total income during the quarter rose to Rs 8,806 crore from Rs 8,700 crore last year due to the increased availability of the Mundra power plant and power trading business. Besides posting robust numbers, the stock is trading lower by 3.5%.

Reliance is trading with marginal gains of 0.3% . Reliance Industries Ltd (RIL) is planning to hit the overseas debt market. The company announced that it will raise $ 750 mn through unsecured notes due 2045. The Notes have been priced at 262.5 basis points over the 30-year US Treasury Note, at a price of 98.865 to yield 4.948%.

Fresh buying is evident in the FMCG pack. HUL and ITC are trading high by 1% each.

Tata Motors is trading 1% higher ahead of the quarterly results due to be released later during the day.