Mid-Session: Sensex jumps 440 pts, Nifty inches close to 8,600; metal stocks shine

10/11/2016 12:29

The key domestic benchmark indices continued to trade higher in late morning deal on Thursday, supported by gains in index heavyweights such as Tata Steel, Cipla, SBI, Bharti Airtel, Bajaj Auto, ICICI Bank, M&M, TCS and ONGC, tracking strength across markets in Asia amid hopes that the new US President Donald Trump may pursue business friendly policies.

At 12:15 hours, the 30-share benchmark index was trading at 27695.1, up by 442.57 points or by 1.62 per cent, and the NSE Nifty was at 8586.5, up by 154.5 points or by 1.83 per cent.

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.

In the day’s trade so-far, Sensex touched an intraday high of 27743.46 and intraday low of 27491.93, while the NSE Nifty touched intraday high of 8598.45 and intraday low of 8512.9.

In line with benchmark indices, the broader market were also trading higher with the BSE MIDCAP was at 13025.83, up by 304.17 points or by 2.39 per cent, while the BSE SMLCAP was at 13040.47, up by 336.37 points or by 2.65 per cent.

The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 435.80,+9.00%), State Bank of India (Rs. 281.00,+8.18%), Cipla Ltd. (Rs. 560.95,+6.22%), ICICI Bank Ltd. (Rs. 294.65,+4.65%), Adani Ports & Special Economic Zone Ltd. (Rs. 295.25,+4.61%), among others.

On the sectoral front, all the thirteen indices were trading in green, with metal and PSU stocks emerged as top gainers, adding as much as 5.91 per cent and 3.98 per cent respectively.

The market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2594, shares advanced were 2071 while 420 shares declined and 103 were unchanged.

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