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Nifty regains 12,000; RIL, HDFC Bank lead gains

Livemint logo Livemint 05-02-2020

Shaking off a wobbly start, Indian markets edged higher in early trade today, tracking gains in global equities. The Sensex rose about 130 points to 40,925 while Nifty regained 12,000, extending the 2% gains of the previous session. Among heavyweights RIL rose 1% while HDFC Bank advanced 0.7%. M&M was the top gainer among the Sensex stocks, rising 2%. Bharti Airtel, Bajaj Auto, HCL Tech and Axis Bank were among the other major gainers.

Bombay Stock Exchange in Mumbai © Aniruddha Chowdhury/Mint via Getty Images Bombay Stock Exchange in Mumbai

Shares of Titan fell about 0.5% after surging about 7% in the previous session on Q3 results.

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With Budget now behind, markets will look for clues into interest rate, inflation and growth outlook when RBI announces its monetary policy tomorrow. "Expect the accommodative policy to continue. Pause in rate cut to continue. No possibility of rate hike even though inflation is rising. Inflation will come down due to decline in onion prices," VK Vijayakumar, chief investment strategist at Geojit Financial Services.

On technicals, Shrikant Chouhan of Kotak Securities, said, "We could anticipate further bullishness if Nifty crosses the level of 12,050 decisively. Below the level of 11982, Nifty would find support between the range of 11900/11880 levels. Avoid adding long positions until the market doesn't crosses 12050 level.”

Asian markets were higher today on optimism that China's latest stimulus measures may help offset some of the expected economic damage from the coronavirus outbreak. In China, Shanghai Composite jumped nearly 2.0% to 2,836.68.

The gains followed a broad rally on Wall Street overnight that drove the Dow Jones Industrial Average more than 400 points higher and gave the S&P 500 its best day in more than five months. The gains also pushed the tech-heavy Nasdaq to an all-time high.

Investors welcomed a decision by China’s central bank to inject $57 billion into its markets. The move is the latest step by Beijing to soften the financial blow of the recent virus outbreak.

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