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Stock Market Updates: Sensex Gains Over 200pts; Nifty Above 18,150; Tata Communications Down 2%

Sensex Today: Equity markets opened higher on Tuesday morning for a second straight day on Tuesday, taking cues from string overnight trade in the US. The S&P BSE Sensex advanced 171.5 points, or 0.28 per cent, to quote at 61,113 levels in early deals. The Nifty50, meanwhile, topped the 18,150-mark, rising 45 points or 0.24 per cent.

Tata Motors, ICICI Bank, Infosys, Tech M, HDFC Bank, IndusInd Bank, and Bajaj Finserv were the large-caps that lifted the frontline indices in early deals, even as Axis Bank, Bharti Airtel, HUL, Nestle India, and Sun Pharma tried to limit gains.

In the broader markets, the BSE MidCap and SmallCap indices surged up to 0.2 per cent.

Among sectoral indices, the Nifty IT and PSU Bank indices (up 0.5 per cent each) were the star performers, followed by Nifty Bank index (up 0.4 per cent). On the downside, the Nifty Realty index fell 0.2 per cent.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “A significant trend in the global equity market now is the outperformance of the mother market US. Hope of a soft landing for the US economy is increasing and the market is responding to this. The S&P 500 is up by 5.12 percent in January till date. The tech heavy Nasdaq is up by 8.5 percent and this particularly is good news for Indian IT companies, which are likely to do well now. The positive sentiments are favourable for a pre-budget rally, too. The ongoing momentum has the potential to break the 17800-18200 range on the upside. The stellar performance of the banking segment stands out in this Q3 results season. Remain invested in banking stocks, particularly the high quality names, in spite of the run up in prices.”

Global Cues

Markets in the Asia-Pacific traded higher as Lunar New Year holidays were observed in most of the region. In Australia, the S&P/ASX 200 rose 0.17 per cent in morning trade, while the Nikkei 225 rose 1.29 per cent in Japan. At 7:20 AM, SGX Nifty was 81 points higher at 18,227 levels.

Markets in China, Hong Kong, Taiwan, South Korea, Malaysia and Singapore are closed for a holiday.

Overnight, the Nasdaq Composite rallied 2 per cent in the US; S&P 500 1.2 per cent; and Dow Jones 0.76 per cent. Investors will track US’ manufacturing and services PMI data, due to be released later today.

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