The BSE Sensex traded over 100 points higher at 84,487, while the Nifty 50 was up by 72 points to start the day at 25,997. Soon after, the 50-share index rose further to reclaim 26,000.
On the 30-stock Sensex, Titan, M&M, Tata Steel, SBI, NTPC, and Reliance Industries were the top gainers, rising up to 1.2%. Eternal, Trent, UltraTech Cement, and BEL were the laggards on the index. From the Nifty pack, Eicher Motors and Apollo Hospitals stole the show, rallying 6% and 4%, respectively, following robust Q3 earnings.
Expert Views
VK Vijayakumar of Geojit Investments said there are two trends that can sustain the ongoing mild rally in the market. One, appreciation in mid and small caps have brought cheer to retail portfolios and retail investors are participating eagerly in the rally. Two, sustained FII selling, which has been a major drag on the market, has stopped. FIIs have been buyers in the market in the last five out of six trading sessions. This cannot be taken as a complete reversal of the FII stance; but the sustained selling appears to be over.
It is also important to note that the around 10% depreciation in dollar during the last one year has significantly eroded the dollar gains of foreign investors from investment in the US market. “FIIs might look for markets outside the US for gains this year and beyond. The rupee stability and hope of appreciation in the months ahead also can nudge FIIs to turn buyers in India. Apart from these factors, the improving earnings growth prospects in FY27 and the strong macro construct will provide the fundamental support to a modest rally.”
FII/DII Tracker
Foreign portfolio investors or FPIs net bought shares worth Rs 69 crore on Tuesday, February 10. DIIs, meanwhile, were net buyers of Rs 1,174 crore, provisional data from the National Stock Exchange showed. Global Markets
U.S. markets ended on a mixed note Tuesday as investors reacted to weaker-than-expected retail sales data and rising concerns over the potential impact of artificial intelligence on the financial sector. The S&P 500 slipped 0.33% to close at 6,941.81, while the Nasdaq Composite declined 0.59% to settle at 23,102.47. In contrast, the Dow Jones Industrial Average gained 52.27 points, or 0.10%, to end at a record high of 50,188.14.
Asia-Pacific markets traded mostly higher on Wednesday, extending gains despite weak U.S. economic data and lingering AI-related concerns that weighed on Wall Street. The U.S. December retail sales report showed consumer spending remained flat, missing economists’ expectations of a 0.4% monthly increase.
Among regional markets, Australia’s S&P/ASX 200 advanced 1.43%, South Korea’s Kospi rose 0.6% for a third consecutive day of gains and the Kosdaq added 0.55%. Hong Kong’s Hang Seng Index edged up 0.13%, while mainland China’s CSI 300 slipped 0.26%. Japanese markets remained closed due to a public holiday.
Crude Impact
Oil prices were steady on Wednesday as markets awaited clearer direction, with ongoing U.S.–Iran talks and lingering geopolitical uncertainty providing support to crude.
Brent crude futures were up 23 cents, or 0.3%, at $69.03 per barrel as of 0100 GMT, while U.S. West Texas Intermediate crude gained 23 cents, or 0.4%, to trade at $64.19 per barrel.
Rupee vs Dollar
The Indian rupee opened at 90.56 per U.S. dollar on Wednesday, largely unchanged from its previous close of 90.5775.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)