Markets extend gains; Axis Bank, GAIL shares advance

27/01/2017 10:22

The key domestic benchmark indices were trading in a positive terrain in the morning trading session as data showed that foreign funds made substantial purchases of Indian stocks on Wednesday, 25 January 2017.

The Finance Ministry statement that the drive to transform India will continue in Budget 2017-18 to be unveiled by Finance Minister Arun Jaitley on February 1, also boosted sentiments.

There will be some buzz in pharma stocks, as the Indian pharmaceutical sector is likely to gain, rather than being impacted, as the new US President Donald Trump aims to reduce drug prices since the country’s generic medicines are already affordable.

At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 27885.72 up by 177.58 points or by 0.64 per cent, while the NSE Nifty was at 8649.6 points, trading higher by 46.85 points or by 0.54 per cent.

The BSE Sensex touched an intraday high of 27902.19 and an intraday low of 27759.48 while the NSE Nifty touched an intraday high of 8657.65 and an intraday low of 8606.9

The top gainers of the BSE Sensex pack were Axis Bank Ltd. (Rs. 475.05,+2.45 per cent), GAIL (India) Ltd. (Rs. 483.80,+1.68 per cent), ICICI Bank Ltd. (Rs. 264.00,+1.64 per cent), State Bank of India (Rs. 262.90,+1.39 per cent), Housing Development Finance Corporation Ltd. (Rs. 1353.70,+1.32 per cent), among others.

Meanwhile, Wipro Ltd. (Rs. 469.00,-0.94 per cent), Bajaj Auto Ltd. (Rs. 2830.90,-0.71 per cent), Lupin Ltd. (Rs. 1508.25,-0.67 per cent), ITC Ltd. (Rs. 263.95,-0.34 per cent), Cipla Ltd. (Rs. 582.75,-0.33 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 2238 shares traded, 1422 shares advanced, 689 shares declined while 127 were unchanged.

On the global front, Asian stocks were trading higher today as investors digested better-than-expected inflation data, while the US markets closed mixed in the previous trading session as traders seemed reluctant to make significant moves after yesterday’s gains, though Dow still ended the session at a new record closing high.

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