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Indices bounce back; Nifty above 17,200

Published on Jan 25, 2022 14:37

The benchmark indices reversed losses and traded with small gains in mid-afternoon trade. Firmness in auto, banks and metal scrips supported the indices. The Nifty re-claimed 17,200 mark.

At 14:30 IST, the barometer index, the S&P BSE Sensex, rose 157.83 points or 0.27% at 57,649.34. The Nifty 50 index gained 62.15 points or 0.36% at 17,211.25.

In the broader market, the S&P BSE Mid-Cap index added 0.72% while the S&P BSE Small-Cap index rose 0.63%.

The market breadth was positive. On the BSE, 1,842 shares rose and 1,479 shares fell. A total of 85 shares were unchanged.

COVID-19 Update:

India on Tuesday reported 2,55,874 COVID-19 cases in the last 24 hours down from 3,06,064 infections a day before, according to the Union Ministry of Health and Family Welfare data. The health ministry`s data also showed as many as 614 fatalities pushed India`s death toll to 4,90,462.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.656% as compared with 6.652% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.77, compared with its close of 74.6025 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement rose 0.27% to Rs 48,697.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.14% to 96.05.

In the commodities market, Brent crude for March 2022 settlement rose 66 cents at $86.93 a barrel.

Buzzing Index:

The Nifty Auto index rose 1.90% to 11,475.45. The index lost 3.59% in the past three trading sessions.

Maruti Suzuki India (up 5.74%), Tata Motors (up 2.39%), Bajaj Auto (up 2.21%), Hero MotoCorp (up 2.05%) and Bharat Forge (up 1.47%) were the top gainers in the Auto segment.

Maruti Suzuki India (up 5.74%) will announce its quarterly result today.

Hero MotoCorp (HMCL) advanced 2.05%. The company said that its board has approved an investment of up to Rs 700 crore in one or more tranches, in Hero FinCorp (HFCL). Hero FinCorp primarily deals in financing retail and corporate customers through products including two-wheeler financing, term loans, working capital loans, loan against property, bill discounting, leasing, etc. It is an associate company of Hero Motocorp. HFCL`s turnover for the year ended March 2021 was Rs 4,091.64 crore.

HFCL is in the process of raising capital of upto Rs 2,000 core through private placement for its business purposes. HMCL investment of Rs 700 crore is towards participation in this capital raise round. The investment is being made in CCPS (compulsorily convertible preference shares) to be issued by HFCL.

Global Markets:

Shares in Europe and Asia declined on Tuesday as investors braced themselves for the meeting of the U.S. Federal Reserve this week, and watched for developments in Ukraine as tensions with Russia grow.

The Federal Open Market Committee is due to meet on Tuesday and Wednesday to decide on the next steps for U.S. monetary policy. Rising inflation is a major concern for the U.S. central bank and investors will listen closely to hear how worried the Fed actually is. Chairman Jerome Powell is due to brief the media on Wednesday afternoon after the FOMC releases its statement.

In Asia, South Korea`s economy grew 1.1% in the fourth quarter of 2021 compared to the previous quarter, the Bank of Korea said in a press release on Tuesday. For the full year, the country`s GDP expanded by 4% in 2021, the fastest in 11 years, as per reports.

Geopolitical tensions are in focus, with fears of a Russian invasion of Ukraine growing, as the military buildup at the border shows no sign of dissipating and crisis talks remain at an impasse, as per reports.

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