Markets extend gains; Tata Steel, HDFC shares advance

18/10/2016 10:20

The key domestic benchmark indices were trading in a positive terrain in the morning trading session tracking a positive trend across markets in Asia as mixed US economic data eased fears over an imminent Federal Reserve interest rate hike, bolstering risk taking appetite. Slow and steady pace of US policy tightening may ensure continued capital flows into emerging markets such as India.

Marketmen will also be eyeing the crucial three-day meeting of the all-powerful GST Council, starting today, which will decide on the tax rate and sort out issues like compensation formula for rollout of the new indirect tax regime from April 1, 2017.

Shares of Havells India, Mastek and Hindustan Zinc will be in focus as the companies reveal their September quarter earnings. The Q2 earnings season has been off to a rather tepid start with IT bellwethers Infosys and TCS disappointing.

At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 27742.39 up by 212.42 points or by 0.77 per cent, while the NSE Nifty was at 8582.4 points, trading higher by 62 points or by 0.73 per cent.

The BSE Sensex touched an intraday high of 27761.37 and an intraday low of 27652.76 while the NSE Nifty touched an intraday high of 8586.7 and an intraday low of 8555.9

The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 422.85,+2.96 per cent), Housing Development Finance Corporation Ltd. (Rs. 1326.95,+1.92 per cent), ICICI Bank Ltd. (Rs. 262.45,+1.51 per cent), ITC Ltd. (Rs. 243.65,+1.33 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 253.95,+1.22 per cent), among others.

Meanwhile, Asian Paints Ltd. (Rs. 1173.00,-0.84 per cent), Bharti Airtel Ltd. (Rs. 300.20,-0.35 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2219 shares traded, 1599 shares advanced, 512 shares declined while 108 were unchanged.

On the global front, Asian stocks were trading higher today on hopes that US monetary policy will continue to remain accommodative. US stocks closed lower in the previous trading session as investors assessed mixed US economic data and quarterly earnings from the likes of Bank of America.

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