Sensex rebounds after two days of losses


Indian markets rebounded after two days of sharp fall with Sensex up over 150 points in early trade. The Nifty was firm above 12,200. Shares of HDFC AMC rose 2% after the asset management company reported a 44.93% jump in profit after tax at ₹352.55 crore in the three months ended December 30, 2019 buoyed by higher total income and lower total expenses.

Shares of Bharti Airtel rose around 1% after the Department of Telecom (DoT) approved raising of foreign direct investment in the telecom operator to 100% from 49%.

Other top gainers in the Sensex pack included Infosys, Sun Pharma, SBI, Maruti Suzuki, HDFC Bank, Bajaj Finance, each up between 0.5% and 1%.

Santosh Meena, senior analyst at TradingBells, said: “For Nifty, 12101 is the immediate support. Below this 12025 will be the next important support level. If Nifty manages to hold 12100-12025 support zone then it may resume its uptrend otherwise it may continue its downward journey towards 11850 level. In the upside 12220-12300 will act as an immediate supply zone.”

The broader markets also saw some buying today. The BSE midcap and smallcap indices were up 0.3% and 0.6% respectively.

Elsewhere, Asian markets, other than China, were mostly higher today. Global equities have been jittery amid a virus outbreak in China. Fears of a bigger outbreak rose after a prominent expert from China’s National Health Commission confirmed Monday that the virus can be passed between people.