Markets back to winning ways on value-buying, global cues

MUMBAI: Benchmark indices closed higher for the first time this week on Wednesday as investors snapped up recently beaten down banking, finance and consumer stocks amid signs of recovery in global market sentiment.

The 30-share BSE Sensex rallied 231.80 points, or 0.57 per cent, to finish at 41,198.66. Likewise, the broader NSE Nifty closed 73.70 points, or 0.61 per cent, higher at 12,129.50.

World stocks stabilised after days of nervousness in the aftermath of the Chinese coronavirus outbreak as investors focussed on robust results from Apple, Spain's Santander and other corporates.

According to traders, recovery in global equities and hopes of growth-boosting measures in the upcoming Budget buoyed domestic market sentiment. Further, short-covering ahead of January derivatives expiry also lifted the key indices, they said.

Bajaj Finance was the star performer in the Sensex pack, spurting 4.95 per cent, after the company reported its highest ever quarterly consolidated net profit of Rs 1,614 crore for the three months to December 2019. Other gainers included Nestle India, ITC, Infosys, L&T and Tata Steel, rising up to 2.95 per cent.

On the other hand, TCS,

HDFC, Sun Pharma, ICICI Bank, Bharti Airtel and Axis Bank shed up to 1.44 per cent.

Barring consumer durables, all BSE sectoral indices ended with gains, led by FMCG (1.44 per cent), industrials (1.23 per cent), capital goods (1.07 per cent) and metal (0.86 per cent).

In the broader markets, the BSE midcap and smallcap indices rose up to 0.49 per cent.