Markets open higher in early trade

04/01/2017 09:22

The key domestic benchmark indices opened higher in the morning trading session tracking firm cues from fellow Asian peers after US market ended higher in overnight trade, extending post-election rally to the New Year.

Traders may also react to fresh hurdle in the implementation of the goods and services tax (GST) amid turf between the Centre and states over double control and compensation, which indicates that the April 1 deadline is likely to be missed. Concerns over falling rupee, rising crude prices, and weak Q3 earnings may also hit market sentiments.

At 09:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 26686.62 up by 43.38 points or by 0.16 per cent, while the NSE Nifty was at 8208.20 points, trading higher by 15.95 points or by 0.19 per cent.

The top gainers of the BSE Sensex pack were Hero MotoCorp Ltd. (Rs. 3012.00,+0.83 per cent), Tata Motors Ltd. (Rs. 484.90,+0.76 per cent), Lupin Ltd. (Rs. 1513.35,+0.50 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 193.70,+0.47 per cent), Tata Steel Ltd. (Rs. 404.95,+0.45 per cent), among others.

Meanwhile, Bharti Airtel Ltd. (Rs. 302.20,-0.48 per cent), ICICI Bank Ltd. (Rs. 254.00,-0.12 per cent), Coal India Ltd. (Rs. 305.05,-0.08 per cent), Infosys Ltd. (Rs. 994.60,-0.01 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 426 shares traded, 332 shares advanced, 63 shares declined while 31 were unchanged.

On the global front, Asian stocks were trading higher today after data fueled confidence in the US economy, and as equity traders in Tokyo returned from holidays. The US markets closed higher in the previous trading session as US manufacturing posted the fourth straight month of faster expansion in December 2016 as new orders and output jumped, pointing to a growing economy.

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