Stock market today: Domestic equity indices Sensex and Nifty on Tuesday (February 13) opened higher, tracking Asian peers ahead of a crucial U.S. inflation reading. Besides, easing domestic inflation and hopes of potential inflows after the addition of five Indian stocks to a key MSCI index aided sentiment. Last seen, both indices were up over 0.20 per cent.

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The S&P BSE Sensex rose 207.31 points to 71,279.8, and the NSE Nifty soared 49.85 points to 21,665.9 levels.

"An important ongoing trend in the market is the weakness in the broader market with sharp cuts in many mid and small caps. Many such stocks are driven up by speculative buying without consideration that the fundamentals are correcting. This trend is likely to continue since many such stocks are excessively valued. The explosive growth in the number of Demat accounts and the newbies chasing mid and small caps influenced by recency bias have contributed to this froth in the broader market," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. Vijayakumar added a correction in this segment is inevitable and desirable. The correction will give opportunities to buy fairly valued stocks in this segment like PSU Banks.

Meanwhile, the Nifty Mid Cap 100 and Small Cap 100 traded lower. High-beta Nifty Bank was up 0.25 per cent at 44,995.4.

BUZZING STOCKS

Coal India shares were up over 1 per cent after the company reported very strong results. 

Divi's Laboratories shares were up 3 per cent after the company posted its Q3 results. 

Honasa Consumer, the parent company of Mamaearth shares were up nearly 4 per cent after the company reported good results.

Conversely, SAIL shares lost over 4 per cent after the company posted lower-than-estimated Q3 numbers.

Hindalco Industries shares hit the lower circuit of 10 per cent ahead of releasing its Q3 results and after American industrial aluminum company Novelis reported its quarterly numbers.

Paytm shares were down over 7 per cent a day after Reserve Bank of India Governor Shaktikanta Das ruled out any review of the central bank's action against Paytm Payments Bank Ltd (PPBL), saying that its decisions are well thought out.

Apeejay Surrendra Park Hotels shares were down over 1 per cent a day after listing. 

GLOBAL MARKETS 

Asian stocks inched higher and the dollar held steady on Tuesday ahead of a key U.S. inflation report that could help shape the Federal Reserve's rates outlook and determine the timing of interest rate cuts.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.15 per cent higher in early trading. The index is down 3 per cent so far in the year.

(With inputs from agencies.) 

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