Sensex Today: Benchmark indices ended higher in the volatile session on January 13 with around 17950. Gradual easing in domestic and US retail inflation also aided sentiment and helped narrow the gap-down start. The BSE Sensex recovered 633 points from the day’s low and eventually ended 303 points higher at 60,261.
The NSE Nifty closed 98 points up at 17,957 level after bouncing back from the day’s lowest level of 17,774.
Other frontline stocks that supported the recovery included Tata Steel, IndusInd Bank, Ultratech Cement, Bajaj Finance, NTPC, Airtel, Adani Enterprises, Eicher Motors and BPCL, which gained 1-2 per cent.
On the flip side, top losers across the two benchmark indices included Titan, Nestle, ITC, L&T, Reliance and Apollo Hospitals.
The broader markets closed with slimmer gains. The BSE Midcap and Smallcap indices ended 0.09 and 0.2 per cent higher, respectively.
Within sectors, barring consumer durables, PSB and Metal indices on the Nifty logged in most gains, up over 1 per cent each, followed by IT and financial pockets.
Among stocks, HCL Tech firmly recovered the day’s losses and ended with a 0.4 per cent gain.
L&T Technology Services slumped 5.3 per cent on its plan to buy the smart world & communications business (SWC) from its parent L&T.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “There are significant near-term positives for equity markets. Globally, the decline in US inflation to 6.5 per cent and the consequent decline in US 10-year bond yields by 10 per cent to 3.46 per cent are supportive of equity markets. The dollar index dipping below 103 is positive for emerging market equity. Therefore, the sustained selling by FIIs in India for the 15th trading session is likely to abate, going forward. Yesterday, FII selling ( Rs 1662 crores) was eclipsed by DII buying ( Rs 2127 crores). DIIs now have fundamental support coming from reduced CPI inflation ( 5.72 per cent in December) and rising IIP numbers (7.1 per cent in November). RBI can now afford to soften rate hikes.The emerging interest rate scenario is favourable for banks and NBFCs. The impressive Q3 results from IT majors will keep the IT segment resilient.”
Global Cues
Asian stocks rose on Friday as investors cheered a slowdown in US inflation, while the yen hit seven-month high and Japanese bond yields broke above the central bank’s target as markets challenged Tokyo’s commitment to loose monetary policy.
Tokyo stocks opened lower Friday, as a stronger yen against the dollar weighed on market sentiment despite Wall Street gains following data that showed softening US inflation. The benchmark Nikkei 225 index was down 0.35 per cent, or 93.13 points, at 26,356.69 in early trade, while the broader Topix index slipped 0.10 per cent, or 2.00 points, to 1,906.18.
US stocks closed higher on Thursday, extending recent gains as data showing a fall in consumer prices in December bolstered expectations of less aggressive interest rate hikes from the Federal Reserve.
Oil prices slipped in early trade on Friday but were on track for gains of more than 6 per cent for the week on solid signs of demand growth in top crude oil importer China and expectations of less aggressive interest rate hikes in the United States.
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