Indian Market recovers as US market rebounds


The benchmark indices in the Indian market slipped for the second consecutive day on Tuesday ahead of the Union Budget. The broader Nifty50 although sustained above the 12000 mark but ended at 12,055, down by 63.20 points, or 0.52 percent. On the sectoral front, Nifty Metal index was the top drag on the NSE, down over 2 per cent at close. This was followed by losses in the Nifty Auto index, down over 1 percent. On the contrary, the Nifty Realty index was the top performer today, up 0.11 percent at close. In the broader markets, weakness was witnessed in the mid-caps, while small-caps continued to fare better than the benchmarks. The S&P BSE mid-cap index ended 0.50 percent lower at 15,679.84 levels, while the S&P BSE small-cap was at 14,827.34, down 0.16 percent.
US market recovers overnight as the Dow Jones Industrial Average jumped 187.05 points, or 0.7%, to 28,722.85, snapping a five-day losing streak. The S&P 500 climbed 1% to 3,276.24 while the Nasdaq Composite advanced 1.4% to 9,269.68. The Dow and S&P 500 had their biggest drop since October on Monday. The Dow plunged more than 450 points.
Asian shares are trading mix amidst the glooming fear over the coronavirus spread. However, the rise in the US stocks has given a little momentum in the indexes. Japanese Nikkei has moved up more than 100 points although the HangSeng index fell over 650 points after returning from a holiday. Markets in China remain closed on Wednesday for a holiday.
Domestic indices made a slight comeback on Wednesday after taking positive cues from the global market, lifted by gains in metals and auto stocks. The S&P BSE Sensex was up over 250 points, or 0.6 percent, at 41,240 levels. Tata Steel gained the most by 2 percent, followed by Infosys, Mahindra & Mahindra, and Maruti Suzuki (all up 1%). The broader Nifty50 index surged 76 points, or 0.6 percent, at 12,130 levels. All the Nifty sectoral indices were trading in the green. Nifty Metal and Nifty Auto were up over 1 percent. In the broader market, the S&P BSE MidCap index gained 144 points or 0.92 percent, and the S&P BSE SmallCap index was trading 89 points, or 0.6 percent, higher.
The share price of M&M Financial rose over 3 percent on January 29 after the company posted a 14.6 percent jump in its Q3FY20 net profit at Rs 365.3 crore. Revenue increased by 15.7 percent at Rs 2,580.6 crore versus Rs 2,230.4 crore.
Oil prices have gained today as WTI quotes at around $54.1/bbl and Brent around $59.5/bbl.

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