FIRST TRADE: Sensex surges over 300 pts; Nifty above 22,000; BPCL gains over 3%

Stock market today: Domestic benchmark indices Sensex and Nifty edged higher on Friday (February 16) amid sustained buying by DIIs. Further, a rise in Asian peers after fresh US data signalled a cooling economy, too, supported the sentiment.

Last seen, both indices were up 0.41 per cent.

The S&P BSE Sensex traded 295.48 points higher at 72,345.86 levels, while the NSE Nifty soared 88.95 points at 21,999.7. 

"The market has been range-bound in recent days due to bouts of selling and buying. During the last two days, FIIs sold equity worth Rs 6,993 crore in the cash market, while DIIs bought equity worth Rs 5,173 crore. The trend of FII selling is likely to continue since the 10-year US bond yield is high at 4.24 per cent. The trend of DII buying too is likely to continue since the flows into the DIIs continue to be robust," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The expert added that the global market construct continues to be favourable, with the mother market, the US, remaining resilient with the S&P 500 at record highs. Pockets of overvaluation in the broader market continue to be a worry. Banking stocks are fairly valued. RIL is strong. 

Meanwhile, Nifty Mid Cap 100 and Small Cap 100 traded in positive territory. High-beta Nifty Bank was up 0.34 per cent at 46,376.65.

BUZZING STOCKS

Bharat Electronics shares were up over 1 per cent after Zee Business reported that the Defence Acquisition Council may approve defence purchases worth Rs 19,000 crore from HAL and BEL.

Tata Motors shares were up over 2 per cent after Bloomberg reported Tata Group was considering the demerger of its battery business.

B.L. Kashyap and Sons shares rose over 4 per cent after the company received an order worth Rs 208 crore from Manyata Promoters Pvt.

Dilip Buildcon shares were up over 3 per cent after joint venture VKMCPL-DBL was declared the L1 bidder for the Rs 413 crore project of the Water Resources Department, Madhya Pradesh.

BPCL shares were up nearly 4 per cent after the company clarified setting up the first ever green hydrogen plant in an Indian airport.

EPACK Durable shares were up over 5 per cent after the company reported a profit as compared to a loss a year ago.

GLOBAL MARKETS

Asian shares advanced in Asia on Friday, with Tokyo's benchmark Nikkei 225 index trading near a record high, 34 years after it peaked and then plunged with the collapse of Japan's financial bubble. US futures were lower after stocks on Wall Street set another record following some mixed reports on the economy.

(With inputs from agencies.) 

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