Mumbai: In early trade on Wednesday, BSE benchmark Sensex jumped over 250 points and NSE Nifty breached the 11,000 mark led by gains in IT and metal stocks amid heavy buying by domestic and foreign institutional investors. However the 30-share index was trading 255.89 points, or 0.70 per cent, higher at 36,872.70. Similarly, the 50-share NSE Nifty reclaimed the 11,000 mark, rallying 81.40 points, or 0.74 per cent, 11,015.75.While on Tuesday, the Sensex ended 34.07 points or 0.09 per cent, higher at 36,616.81; and the NSE Nifty edged up 22.10 points, or 0.20 per cent, to 10,934.35.
Paras Bothra, President, Equity Research, Ashika Group said that "The Indian market is embracing for the monetary policy to be released on February 7, and the majority of the economists now expect status quo against a rate cut sometime back," he further added that the RBI's Monetary Policy Committee (MPC) began its three-day review meet on Tuesday. "Foreign participation has certainly gained pace after the US Fed's patient view and is expected to support stocks with strong underlying fundamentals,".
On Tuesday, In the morning session, HCL Tech, NTPC, ONGC, RIL, Infosys, ICICI Bank, Asian Paints, Bajaj Finance, ITC and HDFC were the top gainers in the Sensex pack, rising up to 2 per cent. Meanwhile, Hero Bharti Airtel, IndusInd Bank, Tata Motors, Vedanta and L&T were the losers, shedding up to 1.33 per cent. On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 420.65 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 194.31 crore, provisional data available with BSE showed.