Markets extend gains; Tata Motors, Tata Steel shares advance

08/12/2016 10:16

The key domestic benchmark indices were trading in a positive terrain in the morning trading session tracking firm cues from Asian peers after US markets ended robust in overnight trade on hopes that the European Central Bank would continue its asset buying campaign at a policy meeting later in the session.

On the corporate front, Steel Authority of India, MMTC, Finolex Industries and Claris Life Sciences will remain in focus as they will unveil their financial results for the quarter ended September 30, 2016 today.

The investors are expected to keep an eye on Chinese trade data and European Central Bank’s policy review which will be announced later in the day.

At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 26593.57 up by 356.7 points or by 1.36 per cent, while the NSE Nifty was at 8212.45 points, trading higher by 110.4 points or by 1.36 per cent.

The BSE Sensex touched an intraday high of 26604.12 and an intraday low of 26357.35 while the NSE Nifty touched an intraday high of 8216.1 and an intraday low of 8151.75

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 462.20,+3.81 per cent), Tata Steel Ltd. (Rs. 424.70,+2.96 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 284.20,+2.56 per cent), Maruti Suzuki India Ltd. (Rs. 5240.00,+2.38 per cent), Hero MotoCorp Ltd. (Rs. 3301.00,+2.29 per cent), among others.

Meanwhile, Dr. Reddy’s Laboratories Ltd. (Rs. 3169.10,-0.51 per cent), was among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 1980 shares traded, 1589 shares advanced, 317 shares declined while 74 were unchanged.

On the global front, Asian stocks were trading higher today after US markets ended robust in overnight trade on hopes that the European Central Bank would continue its asset buying campaign at a policy meeting later in the session. US stocks closed higher in the previous trading session with the Dow industrials and S&P 500 hitting record high, in broad-based rally as investors are betting that newly elected President Donald Trump’s policies would boost economic growth.

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