The markets are likely to move in a tight range due to mixed cues, say analysts
- At 12:39 pm, the Sensex traded 270.15 points - or 0.65 per cent - higher at 41,576.17 while the Nifty was up 85.50 points - or 0.70 per cent - at 12,268.00. (Also read: Sensex Clocks Over 14% Return In 2019, Its Biggest Annual Gain In Two Years)
- Market breadth favoured gains with 1,557 stocks trading higher on the BSE and 675 moving lower. On the NSE, 1,272 stocks advanced while 458 declined.
- Thirty seven stocks on the 50-scrip index moved higher at the time. Top percentage gainers were UltraTech Cement, Tata Steel, Tata Motors, Vedanta and Grasim, trading between 2.76 per cent and 3.92 per cent higher. On the other hand, Eicher Motors, Bajaj Auto, Bharat Petroleum, Power Grid and Coal India - down between 0.26 per cent and 1.90 per cent - were the top laggards.
- Reliance Industries, Larsen & Toubro and HDFC Bank contributed the most to the gain in Sensex, together accounting for a rise of nearly 130 points in the index.
- The Nifty Metal index - comprising - jumped as much as 1.70 per cent in morning deals, marking its biggest intraday gain in more than two weeks.
- "While global markets will resume from their year-end holidays, Indian markets would be looking ahead for the Q3 corporate earnings results and any significant developments from the government before the Union Budget,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
- Equities in other Asian markets kicked off the New Year higher after a day's holiday on optimism about an end to the US-China trade dispute. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.35 per cent in morning trade after rising 5.6 per cent in December. Markets in Japan were closed for a national holiday.
- China's central bank on Wednesday cut the amount of cash that all banks must hold as reserves, releasing around 800 billion yuan ($114.91 billion) in funds to shore up the slowing economy.
- Investors cheered news that the US and China will sign a trade pact soon after a year of volatile negotiations between the world's two largest economies.
- US President Donald Trump said on Tuesday that the first phase of the trade deal with China would be signed on January 15 at the White House. Rising hopes for a resolution to the US-China trade war helped propel global equities to record highs late last year.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
