Markets extend gains; Tata Steel, Cipla shares advance

10/11/2016 10:20

The key domestic benchmark indices were trading in a positive terrain in the morning trading session tracking strength across markets in Asia and a bullish finish at Wall Street overnight amid hopes that the new US President Donald Trump may pursue business friendly policies, bolstering risk taking appetite.

Shares of Bank of India will be in focus as it reveals its September quarter earnings while traders will react to the report card of drug firm Cipla which on Wednesday reported that Q2 net profit fell 34.8 per cent at Rs 354 crore from a year ago.

After the initial shock, traders are reassessing Trump’s win in the US Presidential elections, hoping that the 45th US President may undertake some tax cuts and fiscal stimulus, which will be good for corporate earnings and equities.

At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 27608.7 up by 356.17 points or by 1.31 per cent, while the NSE Nifty was at 8552.75 points, trading higher by 120.75 points or by 1.43 per cent.

The BSE Sensex touched an intraday high of 27642.57 and an intraday low of 27491.93 while the NSE Nifty touched an intraday high of 8560.1 and an intraday low of 8512.9

The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 430.55,+7.69 per cent), Cipla Ltd. (Rs. 562.65,+6.54 per cent), State Bank of India (Rs. 272.35,+4.85 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 294.80,+4.45 per cent), ICICI Bank Ltd. (Rs. 291.55,+3.55 per cent), among others.

Meanwhile, Asian Paints Ltd. (Rs. 1031.55,-1.88 per cent), Housing Development Finance Corporation Ltd. (Rs. 1337.75,-0.84 per cent), Infosys Ltd. (Rs. 950.80,-0.53 per cent), Lupin Ltd. (Rs. 1527.00,-0.13 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 2163 shares traded, 1843 shares advanced, 260 shares declined while 60 were unchanged.

On the global front, Asian stocks were trading higher today following a strong rally at Wall Street on Wednesday amid optimism that he may pursue a pro-business friendly agenda and may increase fiscal spending to prop up US economic growth.

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