Sensex ends 231 points higher, Nifty closes over 12,100; Tata Motors, Bajaj Finance win

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Mumbai: Indian stock indices broke the two-day bankruptcy and ended on Wednesday (January 29) in the green. The Sensex closed 231.80 points higher, or 0.57%, at 41198.66, while the Nifty closed 73.70 points, or 0.61%, at 12129.50. The main winners of the Nifty were Tata Motors, Bajaj Finance, Bharti Infratel, Nestle and Bajaj Finserv, while Eicher Motors, TCS, Yes Bank, Dr.

Around 1268 shares rose, 1201 shares fell, while 164 shares remained unchanged.

In the early morning hours of Wednesday, stock indexes traded higher as investors hoped for higher infrastructure spending in the upcoming Union budget to boost consumer demand and investment.

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At 10:15 a.m., the BSE S & P Sensex rose 308 points to 41,275, while the Nifty 50 rose 91 points to 12,147 points. All industry indices on the National Stock Exchange were positive, with Nifty Metal up 1.4 percent, Auto 1 percent and FMCG 0.8 percent.

Tata Motors' shares increased by 4.3 percent to 183.65 rupees per share. Tata Steel and JSW Steel each grew 2.2 percent, while Vedanta grew 1.4 percent.

Meanwhile, Asian stocks fell earlier and fell into negative territory as an increase in new Chinese virus cases brought Hong Kong stocks down and fueled concerns about the economic impact of the outbreak.

MSCI's broadest index for Asia Pacific stocks outside of Japan slipped 0.52 percent. Hong Kong stocks fell 2.8 percent, led by declines in financial services, real estate, and consumer goods companies. However, the Japanese Nikkei stock index rose 0.4 percent and the South Korean Kospi also rose 0.5 percent. The markets in China were closed due to public holidays.

However, Australian stocks rose 0.57%, while the Japanese Nikkei share index rose 0.4%. This was partly due to the fact that investors in these markets already had a chance to respond to the virus outbreak that killed more than 100 people.

Oil futures based profits in Asia after OPEC sources announced that the cartel would extend crude oil cuts by three months to June to alleviate concerns about lore.

On Wednesday, US stock futures in Asia rose 0.14%. The S&P 500 gained 1.01% on Tuesday, recovering from its worst daily decline in four months on Monday as Apple Inc stocks rose ahead of fourth quarter results.

After the market closed, Apple reported better-than-expected earnings for the fourth quarter and forecast sales for the current quarter that exceeded Wall Street expectations, which raised some Asian tech stocks.

The 10-year benchmark Treasury yield rose to 1.6666% from a 1.5821% yield for 3-month Treasury bills, which is another sign that sentiment has stabilized.

The yield curve reversed briefly on Tuesday when yields for 10 years fell below their 3-month returns for the first time since October. An inverted yield curve has been an indicator of an emerging recession in the past.

Asian markets are likely to be subdued ahead of the Fed meeting on Wednesday. The Fed is expected to reaffirm its desire to keep key rates unchanged at least until the current year.

(With agency input)