Markets trading near flat line; Axis Bank, Tata Steel shares dip

19/01/2017 10:20

The key domestic benchmark indices were trading near the flat line in the morning trading session tracking mixed cues from fellow Asian peers as Wall Street ended on subdued note in overnight trade and as investors remained wary ahead of Donald Trump’s taking charge on Friday.

Banking stocks will remain in focus today as slew of private sector lender such as Axis Bank, Federal Bank, Lakshmi Vilash Bank and YES Bank will release their earnings report later today.

The investors also reacted to falling crude oil prices and fresh concerns over US rate hike after the Federal Reserve Chair Janet Yellen commented that the improving employment scenario in the economy makes case for gradually lifting interest rates.

At 10:15 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 27252.34 down by 5.3 points or by 0.02 per cent, while the NSE Nifty was at 8417.05 points, trading higher by 0.05 points or by 0.0 per cent.

The BSE Sensex touched an intraday high of 27296.86 and an intraday low of 27219.89 while the NSE Nifty touched an intraday high of 8427.9 and an intraday low of 8405.95

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 529.15,+1.15 per cent), Bharti Airtel Ltd. (Rs. 317.05,+1.07 per cent), GAIL (India) Ltd. (Rs. 443.50,+0.94 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 294.00,+0.75 per cent), Hindustan Unilever Ltd. (Rs. 871.00,+0.74 per cent), among others.

Meanwhile, Axis Bank Ltd. (Rs. 480.35,-1.64 per cent), Tata Steel Ltd. (Rs. 463.00,-0.98 per cent), Mahindra & Mahindra Ltd. (Rs. 1207.10,-0.74 per cent), Bajaj Auto Ltd. (Rs. 2685.00,-0.71 per cent), Wipro Ltd. (Rs. 478.70,-0.63 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 2074 shares traded, 1062 shares advanced, 891 shares declined while 121 were unchanged.

On the global front, Asian stocks were trading mixed today, while the US markets closed lower in the previous trading session as investors remained wary ahead of Donald Trump’s taking charge on Friday.

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