Nifty Above 23,700, Sensex Zooms 0.75%; Jindal Steel, JSW Steel in Green

The Indian equity market opened on a positive note in today’s trading session, buoyed by positive global cues and buying activity in almost all sectors. Nifty is currently trading at 23,770.60, up 0.78%, while Sensex surged by 0.75% at 78,623.69.

Shares of Jindal Steel & Power Ltd. and JSW Steel Ltd. clocked gains of more than 2%, while Tata Steel and Hindalco gained by 1.39% and 1.08% respectively. Among the laggards, HDFC Life, TCS, Eicher Motors, Sun Pharma among many are facing the heat. As of 9:57 am, Zomato has become the first new-age tech company to join BSE Sensex’s 30-share frontline index by replacing JSW Steel. This move is expected to see inflows of worth $513 million in Zomato, while JSW Steel may see outgo worth $252 million, Nuvama said.

Meanwhile, Indian bond yields started the week on a poor note after the central bank hinted that a rate-cutting measure in February seems a mere possibility. US treasury yields cooled marginally. The India 10-year Bond Yield stood at 6.893, up by 1.50%.