Market Benchmark Indices Trade Higher

Equity benchmark indices began the trade on a positive note on Tuesday and were trading higher helped by buying in HDFC twins and mixed trends in Asian markets.
The BSE Sensex advanced 159.54 points to 60,851.08 after a firm beginning. The NSE Nifty gained 61.25 points to 17,905.85.

From the Sensex pack, NTPC, Hindustan Unilever, Bharti Airtel, Tata Steel, Mahindra & Mahindra, Power Grid, Larsen & Toubro, Tata Consultancy Services, HDFC, and HDFC Bank were the major winners.

Axis Bank, Titan, IndusInd Bank, ICICI Bank, and Kotak Mahindra Bank were the major laggards. In Asian markets, South Korea and China were trading in the green, while Hong Kong and Japan quoted lower.

The US markets were shut on Monday for ‘Presidents Day’. “Local equities may eke out small gains in early Tuesday trade, but the trading session could be more or less range-bound due to the absence of cues from the US markets, which was closed on Monday on account of Presidents Day.

“Looking at the sentiment over the past few weeks, trading sessions have been extremely gloomy to volatile amid recession fears, hawkish Fed expectations, and muted Q3 from corporate India,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.

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The BSE benchmark had ended lower by 311.03 points or 0.51 per cent at 60,691.54 on Monday. The Nifty fell 99.60 points or 0.56 per cent to end at 17,844.60.
International oil benchmark Brent crude declined 1.06 per cent to USD 83.18 per barrel. Foreign Portfolio Investors (FPIs) offloaded shares worth Rs 158.95 crore on Monday, according to exchange data.