Sensex spurts 805 pts, Nifty above 17,090; breadth negative

The key equity benchmarks were trading near the day`s high in afternoon trade. The Nifty was was trading above the 17,090 mark after hitting the day`s low of 16,839.25 in morning trade. All the sectoral indices on the NSE were trading in the green. Auto, media and FMCG shares were in demand.

At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 804.45 points or 1.43% to 57,210.29. The Nifty 50 index added 247.40 points or 1.47% to 17,090.20.

Value buying emerged after the Nifty slumped 4.33% in the past two sessions. The sentiment was impacted by weak global cues on account on Russia-Ukraine tensions. Firm crude oil prices and continuous selling of domestic equities by foreign portfolio investors also put pressure on shares.

In the broader market, the S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was negative. On the BSE, 1483 shares rose and 1801 shares fell. A total of 107 shares were unchanged.

Eicher Motors (up 5.36%), Hero Motocorp (up 4.25%), Shree Cement (up 4.12%), Nestl� India (up 3.20%) and Hindustan Unilever (up 2.96%) were top Nifty gainers.

Cipla (down 2.83%), Tata Steel (down 1.97%), ONGC (down 0.75%) and Power Grid Corporation of India (down 0.67%) were major Nifty losers.

Economy:

India`s retail inflation jumped to 6.01% in January 2022 compared to 5.56% in December 2021. As per the Ministry of Statistics and Programme Implementation data, rate based on the Consumer Price Index (CPI) Inflation in food and beverages rose to 5.58% compared to 4.5% in December. However, on a month-on-month basis, retail inflation fell by 0.3%.

The inflation print for January 2022 is along expected lines, with Reserve Bank of India (RBI) Governor Shaktikanta Das saying earlier that it was likely to come in around the 6% mark.

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