Sensex volatile; Bajaj twins, UltraTech dip; HUL gains

Following a strong rally on Monday, benchmark indices started Tuesday’s trading session with modest gains backed by supportive global cues.

The S&P BSE Sensex opened 59 points higher at 72,000, and was seen quoting with a gain of 150 points at 72,100 levels. The NSE Nifty 50 moved near the 21,800 levels.

Tata Motors, Wipro, Infosys, Tech Mahindra and TCS were among the prominent gainers in Sensex 30. On the flip side, Bajaj Finance shed almost 5 per cent even as the NBFC reported 22 per cent YoY growth in Q3 consolidated net at Rs 3,639 crore backed by healthy growth in net interest income (NII) and fees and commissions.

Bajaj Finserv, NTPC, ITC and Power Grid were the other notable losers.

In the broader market, the BSE MidCap index advanced 0.6 per cent, and the SmallCap surged 0.8 per cent.

Primary Market Update

BLS E Services Rs 311 crore IPO opens for subscription today. The offer period closes on February 01. Company to issue up to 2.30 crore fresh equity shares in the price band of Rs 129 – Rs 135 per share.

Global cues

In Asia this morning, Hang Seng slipped nearly 2 per cent amid Evergrande fall out. Nikkei, Kospi and Taiwan were marginally up, while Shanghai Composite and Straits Times were down.

Overnight, the S&P 500 and Dow Jones closed at record highs a day ahead of the start of two-day US Federal Reserve Policy meeting. The S&P 500 jumped 0.8 per cent, while Dow Jones added 0.6 per cent. Nasdaq soared over 1 per cent.

The yield on the benchmark 10-year US Treasury note dipped 8.6 basis points to 4.074 per cent, after the Treasury department said it would need to borrow less than its previous estimates.