Sensex rallies 350 points, Nifty reclaims 12,200-mark amid positive trend in global equities; HUL, ICICI Bank among top gainers

  • The 30-share BSE gauge settled 349.76 points, or 0.85 percent, higher at 41,565.90 and it hit an intra-day high of 41,671.86

  • SBI, IndusInd Bank, Sun Pharma, Ultratech Cement, PowerGrid and NTPC fell up to 1.34 percent

  • Investors were also awaiting inflation and factory output data, scheduled for release later in the day

Mumbai: Extending its gains for the second session, market benchmark Sensex rallied 350 points on Wednesday, propelled by HUL, ICICI Bank, Kotak Bank, RIL and HDFC Bank amid a positive trend in global equities.

The 30-share BSE gauge settled 349.76 points, or 0.85 percent, higher at 41,565.90. It hit an intra-day high of 41,671.86.

Similarly, the broader NSE Nifty jumped 93.30 points, or 0.77 percent, to 12,201.20.

 Sensex rallies 350 points, Nifty reclaims 12,200-mark amid positive trend in global equities; HUL, ICICI Bank among top gainers

Representational image. Reuters.

HUL was the top gainer in the Sensex pack, rallying 5 percent, followed by Kotak Bank, Nestle India, ICICI Bank, Mahindra and Mahindra, Asian Paints and RIL.

On the other hand, SBI, IndusInd Bank, Sun Pharma, Ultratech Cement, PowerGrid and NTPC fell up to 1.34 percent.

Domestic equities took positive cues from global markets that remained on firm footing despite concerns over the coronavirus outbreak, traders said.

Investors were also awaiting inflation and factory output data, scheduled for release later in the day, they added.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul settled with gains. Stock exchanges in Europe also opened on a positive note.

China on Wednesday reported its lowest number on new coronavirus cases since late January as authorities scrambled to contain its spread.

However, WHO head Tedros Adhanom Ghebreyesus had on Tuesday said that although 99 percent of cases are in China, where it remains "very much an emergency," it also "holds a very grave threat for the rest of the world."

Investors were also awaiting inflation and factory output data, scheduled for release later in the day, traders added.

"Investors' appetite for risk improved as coronavirus concerns receded for the second day in a row. The impact of coronavirus has already affected the supply chains and factory activities across the globe, but the ground reality is improving in China and we can expect improvement in the next quarter.

"The domestic market is awaiting the January inflation and consensus show a spike in inflation which is expected to impact rate-sensitive stocks," said Vinod Nair, Head of Research, Geojit Financial Services.

BSE FMCG, bankex, energy, IT, metal, teck and auto indices rose up to 1.90 percent, while power, realty, consumer durables and capital goods fell up to 0.96 percent.

However, the broader BSE midcap and smallcap indices underperformed the benchmarks, shedding up to 0.29 percent.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul settled with gains. Stock exchanges in Europe also opened on a positive note.

Brent crude oil futures rose 2.20 percent to $55.20 per barrel.

On the currency front, the Indian rupee depreciated 4 paise to 71.32 per US dollar (intra-day).

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Updated Date: Feb 12, 2020 17:45:51 IST