Markets trim early gains; auto, metal stocks support

08/11/2016 11:38

Shrugging off positive cues from most fellow Asian peers, Indian equity benchmarks trimmed early morning gains and swung between negative and positive territory during the late morning deals on Tuesday led by profit-booking by participants amid caution ahead of the US presidential election.

At 11:12 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 27,471.55, up by 12.56 points or 0.05 per cent while the NSE Nifty was at 8,495.5, down by 1.55 points or 0.02 per cent.

Investors remained optimistic as opinion polls showed that Hillary Clinton was ahead of Donald Trump by three percentage points as the US Presidential election day dawned, bolstering risk taking appetite.

Buying momentum was witnessed mainly in the auto and metal sector stocks.

Meanwhile, BHEL and Tata Communications will unveil their September quarter earnings today.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 531.30,+4.73%), ICICI Bank Ltd. (Rs. 282.70,+1.42%), Bajaj Auto Ltd. (Rs. 2863.50,+1.25%), Dr. Reddy’s Laboratories Ltd. (Rs. 3133.00,+1.11%), Coal India Ltd. (Rs. 321.30,+0.80%), among others.

Major show spoilers were Sun Pharmaceutical Industries Ltd. (Rs. 640.15,-2.60%), Maruti Suzuki India Ltd. (Rs. 5638.15,-1.44%), ITC Ltd. (Rs. 253.20,-1.36%), Cipla Ltd. (Rs. 540.35,-0.99%), State Bank of India (Rs. 250.65,-0.81%), among others.

The market breadth, indicating the overall strength of the market, was weak. On BSE, out of the total 2,552 shares traded, 1,157 advanced while 1,293 shares declined and 102 remained unchanged.

On the global front, most Asian markets were trading in the green as Americans were set to cast their ballots in the US Presidential election with speculation rife of a Clinton win, bolstering the appetite for risky assets.

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