Barometers trade firm; Nifty near 17,450 mark

16 Feb 2022 , 02:35 PM

The benchmark indices were trading firm in mid-afternoon trade, supported by pharma, oil & gas and consumer durable stocks. The Nifty bounced back from its days low of 17,257.70 to trade near 17,450 mark.

At 14:30 IST, the barometer index, the S&P BSE Sensex, rose 275.81 points or 0.47% at 58,417.86. The Nifty 50 index gained 96.10 points or 0.55% at 17,448.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.60% while the S&P BSE Small-Cap index gained 1.12%.

The market breadth was strong. On the BSE, 2,352 shares rose and 971 shares fell. A total of 100 shares were unchanged.

Economy:

Indias overall exports in January this year are estimated to be 61.41 billion dollars, exhibiting a positive growth of 36.76% over the same period last year and a positive growth of 38.90% over January 2020. Overall imports in January this year are estimated to be 67.76 billion dollars, exhibiting a slower rate of growth of 30.54% over the same period last year and a positive growth of 30.19% over January 2020.

Indias overall exports in April to January 2021-22 are estimated to be 545.71 billion dollars. This is a positive growth of 37.68% over the same period last year and a positive growth of 23.29% over April-January 2019-20. Overall imports in April-January 2021-22 are estimated to be 616.91 billion, exhibiting a positive growth of 54.35% over the same period last year and a positive growth of 20.15% over April-January 2019-20.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.686% as compared with 6.673% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.01, compared with its close of 75.32 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.11% to Rs 49,330.

The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, fell 0.17% to 95.83.

In the commodities market, Brent crude for April 2022 settlement rose $1.23 at $94.51 a barrel.

Buzzing Index:

The Nifty Oil & Gas index rose 1.12% to 7,633.55. The index lost 0.69% in the trading session.

Oil India (up 2.78%), Hindustan Petroleum Corporation (HPCL) (up 2.57%), Indian Oil Corporation (IOCL) (up 2.53%), Oil & Natural Gas Corporation (ONGC) (up 2.04%) were the top gainers in the Oil & Gas segment.

Bharat Petroleum Corporation (BPCL) was up 1.79%. The Oil Ministry reportedly said will privatize BPCL like we did Air India.

Global Markets:

Shares in Europe and Asia advanced on Wednesday as investors assessed the geopolitical outlook following Russias partial withdrawal from the Ukrainian border, while corporate earnings season rumbles on.

Markets around the world rallied on Tuesday after Russia announced that it had begun returning some troops to deployment bases after training exercises near the Ukrainian border, assuaging fears of an imminent invasion and raising hopes of a de-escalation of recent tensions with the West. However, Western officials and Ukrainian President Volodymyr Zelenskyy urged caution in taking Russias claims at face value, as per media houses.

In Asia, Chinas consumer price index for January rose 0.9% as compared with a year ago. Chinese producer inflation for January rose 9.1% as compared with a year earlier.

In Europe, U.K. inflation came in at an annual 5.5% in January, remaining at a 30-year high. On a monthly basis, consumer prices contracted by 0.1%.

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