Equity benchmarks as well as broader markets closed rangebound session higher for second consecutive session as investors preferred to stay on sidelines ahead of corporate earnings and Union Budget.

NSE Nifty gained 18.10 points at 8435.10, while BSE Sensex was up 50.96 points at 27308.60.

GAIL surged 5.3 percent as a meeting of the board of directors is scheduled on January 25 to consider issuance of bonus shares and fund raising by issuance of bonds on private placement basis.

Other PSU oil & gas stocks were also higher. ONGC was up 1.6 percent while oil retailers BPCL, HPCL and IOC gained 1.5-3 percent.

Yes Bank ended flat despite strong set of earnings in December quarter. Profit jumped 30.6 percent year-on-year to Rs 882.6 crore and net interest income grew by 30.2 percent to Rs 1,507 crore, with loan growth of 38.7 percent at Rs 1.17 lakh crore at the end of December 2016.

Axis Bank fell 1 percent and Mindtree dropped 2 percent ahead of quarterly earnings later today.

Shares of ITC, Tata Motors and Adani Ports gained more than a percent while HDFC Bank, HDFC, Lupin, Sun Pharma and Wipro fell 0.7-1.3 percent.

Among midcap and smallcap stocks, Monnet Ispat surged 13 percent after the company said lenders were exploring option of handing over control and management of company to outside investors.

Orient Green Power gained 11.5 percent as a media report indicated that Infrastructure Leasing and Financial Services (IL&FS) is in advanced talks to merge its wind energy assets with Chennai-based company.

Uttam Galva was up 8.6 percent after a media report indicated likely restructuring package by Aion Capital Partners.

European markets moderately lower as investors waited to hear from President Mario Draghi of the European Central Bank. Asia ended mixed with the Japan’s Nikkei rising 1 percent.

Globally investors also awaited Friday’s inauguration of Donald Trump as US President. Trump will be speaking at a pre-inauguration event later Thursday.

The rupee was trading at 68.12 per US dollar.

BSE advances and declines came in at 1427 and 1298 respectively where broader markets maintained outperformance.

Top 5 Nifty Gainers: GAIL (5.61%), ONGC (1.59%), Tata Motors (1.30%), ITC Ltd. (1.24%), and Bharti Airtel (0.96%).

Top 5 Nifty Losers: Lupin Ltd. (-1.52%), Axis Bank (-1.51%), Sun Pharma (-1.36%), Wipro (-0.82%) and HDFC (-0.71%)

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Equity benchmarks closed off day’s high for the second consecutive session Wednesday as investors eyed corporate earnings. Globally investors awaited Friday’s inauguration of Donald Trump as US president. The Nifty reclaimed 8450 intra day after the tax department kept in abeyance its recent circular on indirect transfer of shares by foreign investors. 

NSE Nifty rose 19 points at 8417 while broader markets outperformed, while BSE Sensex rose 21.98 points to 27257.64.

Experts expect the market to move gradually higher amid consolidation ahead of Union Budget, the next big trigger, on consistent support from domestic inflows.

Foreign outflows, though a cause for concern, are more technical than fundamental, Vikas Khemani of Edelweiss Securities says.

Since India was on top of most emerging market portfolios so far, it was natural to take the first hit in case of any global uncertainties, he noted, adding, a favourable Budget can reverse the trend.

After this government’s divestment decision, ICICI Prudential Life Insurance shares gained 2.5 percent. The subsidiary of ICICI Bank acquired 8.41 percent stake in financial technology service provider Fino Paytech for Rs 100 crore.

Metals stocks hogged limelight with the Nifty Metal rising over 2 percent. Tata Steel, NALCO, Jindal Steel, Hindalco and Vedanta surged 3-5 percent.

ONGC gained 1.5 percent. The state-run oil & gas exploration company is planning to sell 49 percent stake in Pawan Hans.

Shares of HUL and BHEL were biggest gainers, up 3 percent each followed by HDFC Bank, TCS, HDFC and SBI while Reliance Industries, Infosys, Adani Ports, NTPC, Hero Motocorp and Bajaj Auto were down 0.5-1.6 percent.

Among midcaps, Panacea Biotec shares spiked 18 percent on approval from USFDA for Rizatriptan Benzoate tablets that are used to treat symptoms due to migraine. The company also signed long-term agreement with UNICEF for supply of Pentavalent vaccine.

Cadila Healthcare gained nearly 2 percent after Zydus received approval from US FDA for Methotrexate tablets that are used to to treat psoriasis. According to a media report, the healthcare company is set to buy US firm Sentynl Therapeutics for USD 171 million.

PVR was up 5.6 percent after PE investor Warburg Pincus bought 14 percent stake in company for Rs 820 crore.

European bourses were moderately higher after UK Prime Minister Theresa May provided further clarity on her aims for the upcoming Brexit talks and investors received a number of corporate reports. Asia finished mixed.

The rupee was trading at 68.09 per US dollar.

The market breadth was positive as about 1494 shares advanced against 1241 declining shares on the BSE.

Top 5 Nifty Gainers: BHEL (3.75%), Tata Steel (2.93%), Hind. Unilever (2.55%), ONGC (1.54%), and M&M (1.02%).

Top 5 Nifty Losers: GAIL (-1.85%), NTPC (-1.79%), Hero Motocorp (-1.58%), Cipla (-1.11%) and Adani Ports & Sez (-1.04%)

To qualify NCFM Capital Market Dealers Module certification examination, register with Intelivisto.com and buy Capital Market comprehensive question bank which features mock test, chapter-wise and full length test as per NCFM standards. It also includes performance analysis tools to analyze the performance. For more information call on: +91-9891224488.