The BSE Sensex opened over 0.5% higher today tracking gains in the global stock markets. Global markets rallied on Wednesday after Turkey stunned investors with a huge hike in interest rates, stirring hopes that the drastic action would short-circuit a vicious cycle of selling in emerging markets and revive risk appetite generally. China’s Shanghai Composite and Hong Kong’s Hang Seng were trading up 0.3% and 0.93%, respectively. Japan’s Nikkei Stock Average was up 1.74%. Overnight, US markets closed higher. The Dow Jones Industrial Average closed up 0.57%, while S&P 500 and Nasdaq Composite were up around 0.61% and 0.35%. respectively. The 30-share benchmark Sensex was trading up 0.54%, or 111.44 points, at 20,794.95 points, while the National Stock Exchange’s (NSE’s) broader 50-share Nifty rose 0.65%, or 40.05 points, to 6,166.30 points. The gainers among the Sensex stocks included Maruti Suzuki India Ltd that jumped 5.23% to Rs.1,645 and ICICI Bank Ltd that rose 1.65% to Rs.1,036. Among the losers, Gail India Ltd shares fell 0.83% to Rs.342.25, while Infosys Ltd slipped 0.24% to Rs.3,668.30. The BSE Bankex rose 1.14% to be the biggest gainer, while the BSE IT index was the biggest loser, falling 0.03%. After the results announcement, Bharti Airtel Ltd was trading at Rs.311.75 on BSE, up 2.16% from its previous close. The company reported a net profit of Rs.610.2 crore, while net sales stood at Rs.21,938.5 crore for the December quarter. It will be a results-heavy day. Aditya Birla Money Ltd, Crompton Greaves Ltd, Gail India Ltd, Godrej Properties Ltd, ICICI Bank Ltd, Nalco Ltd, Shriram Transport Finance Co. Ltd, Titan Ltd, TVS Motor Co. Ltd and VIP Industries Ltd are some of the companies that will release their earnings for December quarter today.
On Tuesday, Reserve Bank of India (RBI) unexpectedly raised benchmark repurchase rate by 25 basis points to 8%; only 3 of 45 economists surveyed by Bloomberg had predicted an increase. Reverse repurchase rate got lifted to 7% from 6.75%. Cash-reserve ratio was unchanged at 4% as forecast by all 38 economists surveyed. The benchmark 10-year bond yield was down by 3 bps at 8.72%. The rupee was trading higher at 62.20/21 vs Tuesday's close of 62.51/52 on broad Asian FX gains.
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