Mumbai, India (BBN) – The BSE benchmark Sensex was trading higher by over 100 points in the mid-session on bouts of buying in metal, realty, infrastructure and oil & gas stocks amid mixed Asian cues.
Investors opted for bargain-hunting as well as short-covering ahead of derivatives expiry this week, reports The Hindu Business Line.
At 1.20pm, the 30-share BSE index Sensex was up 100.49 points or 0.35 per cent at 28,569.24 and the 50-share NSE index Nifty was up 28.95 points or 0.33 per cent at 8,850.65.
Among BSE sectoral indices, metal index gained the most by 1.71 per cent, followed by realty 1.37 per cent, infrastructure 1.07 per cent and power 0.98 per cent.
Top five Sensex gainers were Tat Steel (+2.96 per cent), GAIL (+1.93 per cent), TCS (+1.7 per cent), Power Grid (+1.68 per cent) and Maruti (+1.56 per cent), while the major losers were ITC (-0.84 per cent), Axis Bank (-0.61 per cent), HDFC (-0.56 per cent), M&M (-0.48 per cent) and Dr Reddy’s (-0.27 per cent).
Telecom shares soared after a media report said Vodafone Group would likely finalise talks for a merger with Idea Cellular within a month, citing unidentified sources.
Idea shares gained as much as 5.5 per cent.
Meanwhile, Tata Teleservices (Maharashtra) Ltd rose as much as 9.9 per cent after a media report said that the company was seeking to be part of an entity that would include Reliance Communications, Aircel and MTS.
However, broader sentiment was largely cautious after recent strong gains in markets, with Asian shares largely mixed ahead of key US Federal Reserve events, including minutes of the last policy meeting and speeches by five heads of Fed regional banks.
“Some amount of profit-taking might be happening. There seems to be a lack of interest. Will have to wait and watch,” said Deven Choksey, managing director at KR Choksey Shares and Securities.
Asian share markets were mixed on Monday as political uncertainty globally kept the mood cautious, while the US dollar recouped early losses ahead of a busy week for Federal Reserve speakers.
Turnover was light with US markets closed for the Presidents Day holiday. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent and back towards a 19-month peak set last week.