Morning Bell...The key Indian stock indices have advanced in early minutes of trade

Indian Market

The key Indian stock indices have advanced in early minutes of trade, with the BSE Sensex and the NSE Nifty rising by ~1% each. The Nifty has strengthened its foothold above 5,300 while the Sensex has surpassed 17,700. The undertone is upbeat due to relentless inflow of overseas capital into Indian financial assets. The relief over a court ruling in the 2G scam is also partly behind the positive start today as is the upbeat US jobs report for January.

The BSE Sensex was 17,778, up 173 points over the previous close. It had earlier touched a day’s high of 17,829 and aday’s low of 17,741. It opened at 17,741.

NSE Nifty was quoting 5,374, up 48 points over the previous close.It has earlier touched a day’s high of 5,390 and a day’s low of 5,372. It opened at 5,379.

Wipro, TCS, Bajaj Auto, DLF, L&T, ICICI Bank, M&M, HUL, Hero MotoCorp, Coal India, Hindalco Inds,Sterlite Inds, were among the notable leaders in the Sensex and the Nifty.

ONGC, Tata Power, Gail India were among the notable losers in the Sensex and the Nifty.

The Mid-Cap and Small-Cap index was trading at 1%.

The gains are broad based with the Small-Cap and Mid-Cap indices keeping pace with their Large-Cap peers. The market breadth is positive. Most sectoral indices on the BSE have gained. The INDIA VIX on the NSE is marginally lower.

A lower court delivered a favourable verdict on the alleged complicity of P. Chidambaram in the 2G scam. Markets are likely to display similar relief today. Suddenly the prospects for equities seem to have brightened. FII inflows continue to be strong. The rupee too is gaining ground.

Hopes are also building on material improvement in governance and policy making. The Uttar Pradesh elections and the Union Budget will be two big events on the domestic calendar in the near term. Corporate earnings will continue to roll in for few more days.

Major Results Today:

Adani Port, Adani Power, BGR Energy, Bajaj Electricals, Dena Bank, GSK Consumer, Gujarat Industries Power, Gulf Oil, HUL, India Cements, Kesoram, MOIL, NALCO, NCC, Spicejet, Texmaco, Trent and Zydus Wellness.

Sources-:India Infoline