Sensex Today | Share Market Live Updates: Sensex gains 250 points; Nifty around 21,700; Polycab slumps 10%

The Income Tax department has detected “unaccounted cash sales” of about ₹1,000 crore after it recently raided Polycab group, PTI reported. Unaccounted cash of more than ₹4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched against the group on 22 December.

Nifty gained 0.4% to trade above 21,700; Hero MotoCorp, Eicher Motors, Axis Bank were the chart toppers while Dr Reddy’s and HCL Tech were in the red

Sensex gained 250 points to 71,902 at open tracking global markets; Axis Bank, Bajaj Finserv and M&M were the top gainers while HCL Tech and Infy lagged

Sensex gained around 250 points at 71,901.90 at pre-open; TCS, Infosys, Spicejet, Nuvama Wealth, Polycab, Kalyani Steels are in focus

Union finance minister Nirmala Sitharaman’s pre-election budget is set to focus on welfare schemes for five key sections of society—women, poor, youth, farmers and tribals—as the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) aims a third term in office on the back of Prime Minister Narendra Modi’s promise of inclusive growth.

Accordingly, allocations for existing schemes for these sections of the society are likely to see an enhancement while new schemes may be announced, two persons privy to discussions in the government said.(read more)

TCS, Infosys, Spicejet, Nuvama Wealth, Polycab, Kalyani Steels are some of the stocks to watch today Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers, Escorts, Hindustan Copper, Indian Energy Exchange, India Cements, Indus Towers, Nalco, Piramal Enterprises, PVR INOX, SAIL, and ZEEL are part of the F&O ban for Thursday.

Bitcoin prices scaled above $47,000 for a brief period, witnessing a muted response to US Securities and Exchange Commission’s approval of exchange-traded funds (ETF) that invest directly in the token.

The world’s largest cryptocurrency Bitcoin traded 1.8% higher at $46,728 following the decision. Other cryptocurrencies also gained, with Ether, the second largest token, gaining 17% to $2,590.

Gold prices edged higher on Thursday, supported by a softer dollar ahead of a consumer inflation report due later in the day that could shed some light on the US Federal Reserve’s interest rate trajectory. Spot gold was up 0.2% at $2,028.19 per ounce. US gold futures rose 0.3% to $2,032.80. 

Oil prices were higher in Asian trading amid rising tensions in the Middle East against a surprise build in US crude stockpiles that pushed oil benchmarks down about 80 cents in the previous session.

U.S. West Texas Intermediate crude futures gained 20 cents, or 0.28%, to reach $71.57 a barrel. Benchmark Brent crude oil futures rose 21 cents, or 0.27%, to $77.01 a barrel.

The US securities regulator on Wednesday approved the first listed exchange traded funds (ETFs) to track bitcoin, its Chair Gary Gensler said, in a watershed for the world’s largest cryptocurrency and the broader crypto industry.

The Securities and Exchange Commission approved 11 applications, including from BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck, among others, according to a notice on its website. Some products are expected to begin trading as early as Thursday, kicking off a fierce competition for market share. (Reuters)

Asian stock markets saw an uptick, following the trend in US stocks as investors awaited inflation data set to be released on Thursday. Bitcoin surged following the U.S. regulators’ approval of exchange-traded funds linked to the cryptocurrency.

Stock markets in Australia and Japan saw positive movements, with Tokyo’s indexes moving towards matching the three-decade highs recorded in the previous session. 

US stock indices edged higher on Wednesday ahead of the inflation data that could provide clues on whether the Federal Reserve will begin cutting interest rates this year.