Markets extend gains; Asian Paints, TCS shares advance

16/11/2016 10:23

The key domestic benchmark indices were trading in a positive terrain in the morning trading session tracking a positive trend across most Asian markets and a bullish finish at Wall Street overnight as the effect of Donald Trump’s shocking win in the US elections waned while oil prices rose on OPEC’s efforts to agree on output cuts.

A retreat in India’s consumer inflation to a 14-month low at 4.2 per cent in October 2016 from 4.31 per cent in September 2016 bolstered Dalal Street investor sentiment by raising hopes of another interest rate cut in the near future.

Shares of Voltas and Engineers India will be in focus as these companies reveal their September quarter earnings.

At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 26429.22 up by 124.59 points or by 0.47 per cent, while the NSE Nifty was at 8121.85 points, trading higher by 13.4 points or by 0.17 per cent.

The BSE Sensex touched an intraday high of 26621.4 and an intraday low of 26326.89 while the NSE Nifty touched an intraday high of 8210.05 and an intraday low of 8100.5

The top gainers of the BSE Sensex pack were Asian Paints Ltd. (Rs. 925.00,+3.68 per cent), Tata Consultancy Services Ltd. (Rs. 2198.25,+3.59 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 282.45,+2.41 per cent), Maruti Suzuki India Ltd. (Rs. 4958.00,+2.38 per cent), Infosys Ltd. (Rs. 946.55,+2.36 per cent), among others.

Meanwhile, Lupin Ltd. (Rs. 1405.90,-2.38 per cent), Tata Steel Ltd. (Rs. 385.20,-2.12 per cent), Axis Bank Ltd. (Rs. 472.20,-1.45 per cent), ITC Ltd. (Rs. 235.10,-1.09 per cent), Dr. Reddy’s Laboratories Ltd. (Rs. 3284.00,-0.75 per cent), were among the top losers on BSE.

On the global front, Asian stocks were trading higher today as the Donald Trump shock faded while robust US retail sales data signaled a pickup in the world’s biggest economy, bolstering risk taking appetite. US stocks rose in the previous trading session with the Dow Jones Industrial Average marking a seven-day winning streak on a surge in energy stocks and a rebound in technology shares.

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