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Sensex surging nearly 350 points to close at 41,565
Sensex surging nearly 350 points to close at 41,565

Sensex surges 350 points, HUL, RIL lead gains

  • Global markets were mostly higher today
  • The Nifty50 index today regained 12,200

Indian markets advanced today in tandem with their global peers, with benchmark index Sensex surging nearly 350 points to close at 41,565. The broader Nifty regained 12,000 when it settled 0.77% higher at 12,201. Among the Sensex stocks, HUL was the top gainer, rising over 5%. Other top gainers included Kotak Mahindra Bank (2%), Nestle India (1.9%), ICICI Bank (1.8%) and RIL 1%.

"Indian equity markets are continuing their bullish momentum on the back of buying in heavyweights and short-covering by FIIs in index future. Global tailwind is supporting the current bullish momentum in the Indian market and we are outperforming Asian peers post the budget. Large caps are doing well but the broader market is underperforming for the last two days," said Santosh Meena, senior analyst at TradingBells.

The broader markets were however muted today with both BSE midcap and smallcap indices ending mildly lower today.

"FIIs are covering their short positions in the index future but they are reluctant to buy in the cash market. The market may again head towards an all-time high once FIIs will start buying in the cash market. Technically, the overall texture of the market has turned bullish as Nifty saw closing above 12170 level which may lead a move towards 12500 level in the coming days where 12,300 will be intermediate resistance level while 50-DMA of 12123 will act as immediate support in the downside," he said.

Among the laggards, Indusind Bank today fell 1% after rating agency Moody's changed its outlook to "negative" on the lender. Meanwhile, investors are looking ahead to the key inflation and factory output data, due later this week.

Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Private, said: "Global sentiment turned positive as a slowdown in the rate of new infections in the coronavirus outbreak provided some relief. Further Chinese workers and factories slowly returned to business following a Lunar New Year holiday that was extended due to the deadly coronavirus outbreak. Even oil prices rose after weeks of decline as China resumed business; however the market would assess demand situation in China over next few sessions."

Asian markets were mostly higher higher today, although coronavirus continued to weigh on investor sentiments. Investor sentiments in Asia were also cheered somewhat by Wall Street, where modest gains overnight nudged the S&P 500 and Nasdaq to all-time highs for the second straight day. The Dow Jones Industrial Average finished essentially flat.

China reported 97 more deaths from the new disease, pushing the total dead past 1,100, even as the country remained largely closed down to prevent its spread. The number of cases worldwide is about 45,000, all but a few hundred in China. (With Agency Inputs)

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