Nifty, BSE Sensex Shrug off Opening Blues to End Day in Green

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Nifty, BSE Sensex Shrug off Opening Blues to End Day in Green
Credit: © Reuters.

By Aditya Raghunath -- Indian markets shrugged off a weak opening in early trade today to end up 0.21% ( Nifty ) and 0.19% ( BSE Sensex ). United Phosphorous gained 3.7% and Bharat Petroleum Corp. Ltd. (NS: BPCL ) gained 3.18%. The metal index lost a little over 1% while pharma, FMCG and the auto sector saw some buying.

It was a mixed session for IT stocks. Despite reporting solid numbers for the third quarter of FY2021, Infosys (NS: INFY ) (-1.2%) and Wipro (NS: WIPR ) (-1.31%) ended lower. TCS (NS: TCS ) closed up 2.9% on the back of its earnings report.

Markets were in the red in the morning on account of Donald Trump’s second impeachment, a record for any US President. A Bloomberg analysis said that there could be a slight increase in the number of people filing for unemployment claims in the US to 789,000.

However, stock markets in Europe have opened positive as they focus on incoming President Joe Biden’s $2 trillion stimulus plan. FTSE is trading up 0.58%, Dax is up 0.43% and CAC is up 0.3%. Asian stocks also bounced off the stimulus news and Nikkei hit a three-decade high before closing up 0.85%.

Dow Futures are up 0.37%, followed by S&P at 0.2% and Nasdaq at 0.18%. Crude oil slipped below $53 and is currently trading at $52.87. President-elect Joe Biden will announce details of his plans for extra stimulus to support the economy through the pandemic.  Biden has promised a sticker price “in the trillions of dollars”, a number that has supported equities and other risk assets for the last week.

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