Sensex gains over 430 points; Nifty nears 8650

18/10/2016 14:24

Mirroring firm cues from the global peers, the key domestic benchmark indices continued the robust trade during the late noon trading session after mixed US economic data reduced fears over an imminent Federal Reserve interest rate hike, bolstering risk taking appetite.

At 14:21 hours, the 30-share benchmark index was trading at 27961.6 up by 431.63 points or by 1.57 per cent, while the NSE Nifty was at 8644.85 up by 124.45 points or by 1.46 per cent.

In the bullish trade so-far, Sensex touched an intraday high of 27967.47 and an intraday low of 27652.76, while the NSE Nifty touched an intraday high of 8647 and an intraday low of 8555.9.

Sentiment remained upbeat with a private report stating that India’s current account deficit is likely to stay below 1 per cent of GDP this year, largely due to a sharp fall in the trade deficit as against last year.

As per the report, the widening of the trade deficit will be watched closely, especially at a time when the services sector receipts and private transfers are under pressure. Appreciation in Indian rupee too was supporting the upbeat mood of the markets.

The top gainers of the BSE Sensex pack were Adani Ports & Special Economic Zone Ltd. (Rs. 261.20,+4.11%), ICICI Bank Ltd. (Rs. 269.00,+4.04%), Housing Development Finance Corporation Ltd. (Rs. 1348.00,+3.53%), Tata Steel Ltd. (Rs. 422.25,+2.81%), Larsen & Toubro Ltd. (Rs. 1480.65,+2.30%), among others.

The top losers of the BSE Sensex pack were Asian Paints Ltd. (Rs. 1173.50,-0.79%), Oil And Natural Gas Corporation Ltd. (Rs. 276.60,-0.66%), among others.

Among the sectors, Bankex index was at 22256.3 up by 430.59 points or by 1.97%. ICICI Bank Ltd. (Rs. 269.00,+4.04%), YES Bank Ltd. (Rs. 1284.90,+2.72%), Bank of Baroda (Rs. 154.30,+2.25%), Punjab National Bank (Rs. 139.50,+2.09%), Axis Bank Ltd. (Rs. 529.00,+1.96%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3064 , shares advanced were 1940 while 901 shares declined and 223 were unchanged.

On the global front, Asian peers ended the day in green as mixed U.S. economic data damped the outlook for U.S. interest-rate increases. Meanwhile, European counters were also trading firm.

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