India’s stock benchmarks advanced, aided by gains in telecom, banking, power stocks, amid recovery in U.S. equities as Federal Reserve officials favoured measured policy tightening.
The S&P BSE Sensex rose 0.71% to 59,282.64. The NSE Nifty 50 advanced by similar magnitude to 17,686.90.
The broader indices almost mirrored their larger peers with S&P BSE MidCap and S&P BSE SmallCap adding over 0.7%. All the 19 sectoral indices compile by BSE Ltd. advanced with S&P BSE Bankex rising 1.4%.
The market breadth was skewed in the favour of bulls. About 1,968 stocks advanced, 649 declined and 76 remained unchanged.
Rupee to depreciate on elevated crude oil prices
The rupee is likely to continue its depreciation today on the back of elevated crude oil prices. Further, investors will anxiously wait for the outcome of an Opec meeting. However, downsides may be cushioned on weakness in the dollar index. US$INR (February) is expected to rise further towards 75.50 for the day, according to ICICI Direct.
Rupee Bonds May Remain Pressured On Record Borrowing
Indian bonds may continue to remain under pressure after the government unveiled plans in budget to sell record amount of bonds in the next fiscal year.
- 10-year yields rose 17bps to 6.85% on Tuesday, climbed to 6.89% intraday, the highest since July 1,2019.
- USD/INR rose 0.2% to 74.8013 on Tuesday.
- Global funds sell net Rs 21.79 crore of India stocks Tuesday: NSE
- They bought Rs 17 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 52 crore of corporate debt
- State-run banks bought Rs 5,650 crore of sovereign bonds on Feb. 1: CCIL data. Foreign banks bought Rs 794 crore of bonds.
Source: Bloomberg
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