Indian markets edged higher today driven by gains in banking stocks. The Sensex was up 200 points while Nifty was above 12,200. Among the Sensex stocks, Nestle India, Asian Paints, UltraTech Cement and L&T were up between 1% and 1.5%. Among the banking stocks, ICICI Bank, HDFC Bank and Axis Bank were up around 0.5%.
FMCG major Nestle India reported a 38.40% increase in net profit at ₹473.02 crore for the quarter ended December, helped by volume growth.
Vodafone Idea shares surged 12% in early trade after the telecom operator’s net loss narrowed to ₹6,438.8 crore in the three months to December from the ₹50,922 crore loss posted in the September quarter, after it accounted for most of the liabilities related to adjusted gross revenue (AGR) in the preceding quarter itself.
Supreme Court to hear telecom companies’ plea on
AGR-related dues today
“Though the technicals are intact, future movement of the markets will be a function of how the virus spreads further,” HDFC Securities said in a note, adding that softer crude will support Indian markets.
Sameet Chavan, chief analyst for technical and derivatives at Angel Broking, said: “Nifty has support at 12150–12100 zone on higher side, once we see Nifty surpassing 12200, the positivity is likely to trigger in the market.”
Asian markets were mixed today following a surge in coronavirus cases in China that threatens to crimp economic growth and hurt businesses worldwide. The pessimism echoes a decline on Wall Street that snapped a three-day streak of record highs for the S&P 500 and Nasdaq composite.
Overnight, the S&P 500 index dropped 5.51 points, or 0.2%, to 3,373.94. The Dow Jones Industrial Average slid 128.11 points, or 0.4%, to 29,423.31. It was down as much as 205 points earlier.
The Nasdaq fell 13.99 points, or 0.1%, to 9,711.97. The Russell 2000 index of smaller company stocks rose 4.36 points, or 0.3%, to 1,693.74.