Amid strong Asian and western stock markets, the Indian benchmark indices were extending the gains of the opening bell. The 30-share barometer index of Bombay Stock Exchange (BSE), Sensex moved up by more than 100 points on the back of broad based buying by the investors. Tracking positive cues from the Wall Street"s bank results, the domestic financial institutions showed surge in the buying of shares. The shares of the bank stocks rallied more than 2.5 per cent, led by ICICI Bank by 5.29 per cent. Among other, index heavyweights Bajaj Auto, Wipro, BHEL, DLF, and Axis bank remained the preference choice of the investors. The market expert opined that upswing in the market will stay for long after a dreadful year of pessimism. The Foreign Institutional Investors (FIIs) continued to support the market by surging cash inflows. It has injected USD 1 billion in the month of January so far, helping rupee to strengthen against the dollar. Further, growing optimism, decreasing volatility, increasing factory output, and easing inflation has made the economy outlook bright. Adding to it, mixed earnings result by corporate coupled with stable crude oil prices so far has raised the hope for better marker sentiments.
At 12:22 hours, BSE SENSEX was at 16,749.32 up by 105.58 points or by 0.63 per cent and then NSE Nifty was at 5,044 up by 25.6 points or by 0.51 per cent.
The BSE MIDCAP was at 5,719.85 up by 49.86 points or by 0.88 per cent, while the BSE SMLCAP was at 6,321.61 up by 49.38 points or by 0.79 per cent.
On the global front, Asian markets continued their smart trading tracking positive cues from the European and US markets. The US markets ended in green yesterday as the market sentiments were bolstered by the drop in the initial weekly jobless claims and better than expected Morgan Stanley"s results. Adding to it, the European Markets also ended in green in overnight trading after market sentiments were lifted by the successful French and Spanish bond auctions. The Euro continued to strengthen against the dollar. Back home, on the sectoral font, all the sectoral indices, except Healthcare and Oil&Gas, were trading in green, while Banks, Capital Goods, and Consumer Durables, FMCG leading the rally.
The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 2,666, shares advanced were 1,489 while 1,042 shares declined and 135 were unchanged.
The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 838.50, 5.29%), Bajaj Auto Ltd. (Rs. 1525.85, 4.00%), Jindal Steel & Power Ltd. (Rs. 530.00, 2.42%), DLF Ltd. (Rs. 215.50, 2.40%), Bharat Heavy Electricals Ltd. (Rs. 271.35, 2.20%), among others.
Among the sectoral indices in BSE, Bankex index was at 10,806.75 up by 264.61 points or by 2.51 per cent. ICICI Bank Ltd. (Rs. 838.50, 5.29%), Bank of India (Rs. 320.00, 4.49%), Union Bank of India (Rs. 195.20, 3.75%), Federal Bank Ltd. (Rs. 377.10, 3.74%), Canara Bank (Rs. 435.45, 3.52%).
Following the Bankex index, BSE_CDS index was at 5,803.4 up by 133.12 points or by 2.35 per cent. Titan Industries Ltd. (Rs. 190.05, 4.25%), VIP Industries Ltd. (Rs. 112.20, 2.79%), Videocon Industries Ltd. (Rs. 190.80, 1.14%), Blue Star Ltd. (Rs. 173.45, 1.05%), TTK Prestige Ltd. (Rs. 2395.00, 0.84%).
Meanwhile, Asian peers were trading in green on positive global cues from the European and US markets. The Shanghai Composite was up by 0.35 per cent and Seoul Composite was surging up by 1.65 per cent. Hong Kong"s Hang Seng moved up by 0.69 per cent, while Nikkei 225 was up by 1.47 per cent above the benchmark.