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Markets reversed morning losses and moved into the green territory in the back of buying emerging in pockets like financials and oil and gas space. Also, better than expected March WPI inflation helped better sentiments.
March WPI inflation came in at at 5.96% which is lowest in 40 months. Jan WPI inflation revised to 7.31% y/y from 6.62% earlier.
At 1210 hrs, the Sensex was up 77 points at 18,319 and the Nifty gained 32 points at 5,560.
Meanwhile, the broader markets were upbeat with the mid and the smallcap indices gaining 0.5-0.6%, both outperforming the Sensex which marginally rose 0.3%.
Among sectoral indices, Oil & Gas, PSU and Bankex indices were leading gains with the indices up 1-2%.
Oil & Gas space was in spotlight as crude oil prices crashed in the international markets. The major gainers in this space included names like oil retailers HPCL, BPCL, IOC which gained 2.-7%. Reliance Industries, ONGC too were in the green gaining 1-5%.
Banks gained ahead of the March inflation data which is expected later today which will help decide the Reserve Bank of India’s monetary policy stance next month. ICICI Bank, SBI, Axis Bank, Bank of India, Canara Bank, Union Bank and Yes Bank up 1-3% were the major gainers.
On the other hand, IT, Consumer Durables, Auto and Metal indices were down 0.7-2%.
IT index continues to remain under pressure after the disappointing Infosys Q4 numbers. Infy slipped another 2% along with TCS and Wipro losing 3% and 1% respectively.
The market breadth was positive. 1042 stocks advanced while 796 stocks declined on the BSE.
