Sensex rises 244 pts, Nifty above 17,400 mark; breadth strong

The key equity indices firmed up further and were trading near the day`s high in afternoon trade. All the sectoral indices on the NSE were in the green. The Nifty was trading above 17,400 mark after hitting the day`s low of 17,257.70 in early afternoon trade.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 244.14 points or 0.42% to 58,386.19. The Nifty 50 index added 67.35 points or 0.39% to 17,419.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.75% while the S&P BSE Small-Cap index gained 1.18%.

The market breadth was strong. On the BSE, 2346 shares rose and 940 shares fell. A total of 109 shares were unchanged.

Adani Ports & SEZ (up 3.54%), Mahindra & Mahindra (up 2.33%), Indian Oil Corporation (up 2.23%), Divi`s Laboratories (up 2.10%) and Grasim Industries (up 1.99%) were top Nifty gainers.

Eicher Motors (down 0.95%), UltraTech Cement (down 0.88%), NTPC (down 0.85%), State Bank of India (down 0.78%) and Larsen & Toubro (down 0.64%) were major Nifty losers.

Economy:

India`s overall exports in January this year are estimated to be 61.41 billion dollars, exhibiting a positive growth of 36.76% over the same period last year and a positive growth of 38.90% over January 2020. Overall imports in January this year are estimated to be 67.76 billion dollars, exhibiting a slower rate of growth of 30.54% over the same period last year and a positive growth of 30.19% over January 2020.

India`s overall exports in April to January 2021-22 are estimated to be 545.71 billion dollars. This is a positive growth of 37.68% over the same period last year and a positive growth of 23.29% over April-January 2019-20. Overall imports in April-January 2021-22 are estimated to be 616.91 billion, exhibiting a positive growth of 54.35% over the same period last year and a positive growth of 20.15% over April-January 2019-20.

Global Stocks:

Asian stocks advanced after Russia announced that it had begun returning some troops to deployment bases after training exercises near the Ukrainian border, assuaging fears of an imminent invasion and raising hopes of a de-escalation of recent tensions with the West.

In Europe, U.K. inflation came in at an annual 5.5% in January, remaining at a 30-year high. On a monthly basis, consumer prices contracted by 0.1%.

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