Markets pare early losses; GAIL, Tata Motors shares advance

23/01/2017 10:22

The key domestic benchmark indices were trading in a positive terrain in the morning trading session as investors got some support with the BRICS nation’s National Development Bank chief K V Kamath’s statement that India will continue to grow on the back of its consumption-driven economy.

The volatility will remain high in the holiday shortened week with the January expiry happening a day ahead of Republic Day holiday.

Investors are also expected to react to earnings reports of index heavyweights such as, Hindustan Unilever, Idea Cellular and Bharti Infratel, which will test the nerves of the traders with their financial results for the quarter ended December 31, 2016.

At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 27114.26 up by 79.76 points or by 0.3 per cent, while the NSE Nifty was at 8381 points, trading higher by 31.65 points or by 0.38 per cent.

The BSE Sensex touched an intraday high of 27159.68 and an intraday low of 26963.58 while the NSE Nifty touched an intraday high of 8394.35 and an intraday low of 8327.2

The top gainers of the BSE Sensex pack were GAIL (India) Ltd. (Rs. 467.05,+1.57 per cent), Tata Motors Ltd. (Rs. 531.25,+1.55 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 200.30,+1.47 per cent), Tata Steel Ltd. (Rs. 460.90,+1.39 per cent), Wipro Ltd. (Rs. 483.45,+1.29 per cent), among others.

Meanwhile, ICICI Bank Ltd. (Rs. 256.60,-2.58 per cent), Larsen & Toubro Ltd. (Rs. 1400.65,-0.98 per cent), Axis Bank Ltd. (Rs. 446.15,-0.97 per cent), Bharti Airtel Ltd. (Rs. 318.40,-0.72 per cent), Hindustan Unilever Ltd. (Rs. 857.10,-0.46 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 2102 shares traded, 1371 shares advanced, 640 shares declined while 91 were unchanged.

On the global front, Asian stocks were trading mixed today as the dollar declined against yen after Donald Trump in his first days in office offered little news on his plans to boost growth, while the US markets closed higher in the previous trading session with the Dow snapping its five days losing streak and traders seemed focused on President Donald Trump’s inaugural address after he was officially sworn in as the 45th president.

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