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Twelve out of the 19 sector sub-indices compiled by BSE Ltd. declined, led by a gauge of automobile makers. On the flip side, the S&P BSE Metal index was the star of the trading day, up 5.2%. (read more about it here)
Investors were buoyed by plans for another round of stimulus in the U.S. and the Fed’s pledge to keep interest rates lower, raised the prospect of more inflows into emerging markets. Sentiment toward local companies also improved as the nation’s biggest conglomerate to global giants stepped in to help ease India’s coronavirus crisis.
Bank of Maharashtra reported net income for the fourth quarter of Rs 165 crore vs. Rs 57.57 crore YoY.
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Sterlite Tech reported net income for the fourth quarter that beat the average analyst estimate.
“No news is good news as far as the market is concerned because it means the Fed will remain accommodative for the near future,” says Kunal Sodhani, assistant vice president, global trading center at Shinhan Bank
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Sentiment toward local companies also improved as the nation’s biggest conglomerate to global giants stepped in to help ease India’s coronavirus crisis.
The market breadth was firmly tilted in favour of the bulls. About 1,592 stocks advanced, 563 declined while 105 remained unchanged on the BSE Ltd.
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