Sensex soars 174 pts; Nifty crosses 8,500-mark on global cues, F&O expiry

25/01/2017 13:26

Indian equity benchmarks continued to trade in the positive territory during the afternoon session on Wednesday led by continued buying by participants, tracking bullish cues globally as investors welcomed the new President Donald Trump’s economic policies.

At 1:05 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 27,550.17 up by 174.59 points or 0.64 per cent while the NSE Nifty was at 8,539.35 up by 63.55 points or 0.75 per cent.

Also, speculators indulged in short-covering their positions as today being the last day of the January derivatives contract expiry, too influenced sentiment at D-Street.

Buying momentum was witnessed mainly in the realty and consumer durables sector stocks.

The top gainers of the BSE Sensex pack were Housing Development Finance Corporation Ltd. (Rs. 1320.00,+3.06%), Axis Bank Ltd. (Rs. 462.80,+2.56%), Larsen & Toubro Ltd. (Rs. 1447.00,+1.93%), Hero MotoCorp Ltd. (Rs. 3181.00,+1.52%), Tata Consultancy Services Ltd. (Rs. 2348.75,+1.33%), among others.

Major show spoilers were Bharti Airtel Ltd. (Rs. 310.45,-1.87%), Wipro Ltd. (Rs. 476.25,-1.01%), Reliance Industries Ltd. (Rs. 1021.75,-0.56%), Power Grid Corporation of India Ltd. (Rs. 202.20,-0.52%), Infosys Ltd. (Rs. 941.70,-0.36%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2796 shares traded, 1503 advanced while 1082 shares declined and 211 remained unchanged.

On the global front, Asian markets were green followed by overnight gains in Wall Street as investors acknowledged the US President Donald Trump’s eagerness to deliver on his campaign promises as he shifted his focus back to growth initiatives including promising corporate tax breaks to fuel US investment, after focusing on protectionism in his first few days in office.

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