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 day's 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:
India's 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.
India's 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 greenback's 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%) and Bharat Petroleum Corporation (BPCL) (up 1.79%) were the top gainers in the Oil & Gas segment.
As per media reports, the Oil Ministry has said that it will "privatise BPCL like (it) did Air India," in an interview.
Global Markets:
Shares in Europe and Asia advanced on Wednesday as investors assessed the geopolitical outlook following Russia's 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 Russia's claims at face value, as per media houses.
In Asia, China's 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.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU