A sixth-straight day of decline in oil futures helped the sentiments on D-Street.
Domestic equity indices were steady in opening trade as traders weighed in more bad news from China where a coronavirus epidemic scare has taken over 100 lives.
A sixth-straight day of decline in oil futures also helped the sentiments on D-Street as lower oil prices bode well for India’s fiscal math.
BSE benchmark Sensex gained 98 pnts to 41,253, while its NSE counterpart Nifty gained 29 pnts to 12,148.20. Broader market indices were mixed with Nifty Smallcap gaining 0.18 % to 6,358 and Nifty Midcap slipping 0.05 percent to 18,282. Nifty 500 dipped 0.04 % to 9,995.
Volatility barometer, India VIX, continued to climb ⇑ as it further advanced 1.97 % to 17.51.
Most sectoral indices were trading in the red on NSE. Nifty Metal was the biggest loser, ⇓ 0.66 % to 2,692. Nifty Realty, Nifty FMCG and Nifty Bank were other losers on the exchange. Nifty Auto gained 0.17 %.
In the 30-share pack Sensex, HDFC gained 2 % to Rs 2,443 while M&M added 1.26 % to Rs 585. Sun Pharma, Hero Moto and SBI were among other major gainers. Meanwhile, Bharti Airtel slipped 1.07 % to Rs 508. Tata Steel, Nestle India and HUL were among other major losers.
Globally, Asian stocks extended a global selloff on Tuesday as China took more drastic steps to combat a deadly new coronavirus, while bonds shone on expectations that central banks would need to keep stimulus flowing to offset the likely economic drag.
MSCI's broadest index of Asia-Pacific shares outside Japan slumped 1 % in early Asian trading on Tuesday. Japan's Nikkei was 0.9 % ⇓, Australian shares stumbled 1.4 % and South Korea's Kospi index skidded 3 %.
E-Mini futures for the S&P 500 reversed some of the losses after slumping 1.6 % overnight for their biggest single-day percentage loss since last October. They were last ⇑ 0.25 %.
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