Markets trading higher; Bharti Airtel, ITC shares advance

02/02/2017 10:19

The key domestic benchmark indices were trading higher in the morning trading session tracking mixed cues from fellow Asian peers, as traders digested the impact of Union Budget on Dalal Street.

The Infra stocks were in focus today as infra got a major push in the budget with announcement of reduced corporate income tax rates for medium and small enterprises (MSME), infrastructure status to affordable housing, allocation of Rs 500 crore for setting up Mahila Shakti Kendra at village level and expansion of BharatNet project besides many others.

Some support may also come later in the day with report that growth in eight core sectors expanded at a faster pace of 5.6 per cent in December 2016, against the 4.9 per cent growth recorded in November 2016, supported by double-digit expansion in the steel sector.

At 10:15 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 28183.45 up by 41.81 points or by 0.15 per cent, while the NSE Nifty was at 8722.85 points, trading higher by 6.45 points or by 0.07 per cent. The BSE Sensex touched an intraday high of 28194 and an intraday low of 28078.08 while the NSE Nifty touched an intraday high of 8727 and an intraday low of 8692.05

The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 354.25,+2.67 per cent), ITC Ltd. (Rs. 275.65,+2.21 per cent), NTPC Ltd. (Rs. 174.25,+2.17 per cent), ICICI Bank Ltd. (Rs. 286.85,+2.12 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 203.80,+1.77 per cent), among others.

Meanwhile, Tata Motors Ltd. (Rs. 530.45,-2.08 per cent), Mahindra & Mahindra Ltd. (Rs. 1270.10,-2.07 per cent), Housing Development Finance Corporation Ltd. (Rs. 1394.10,-1.47 per cent), GAIL (India) Ltd. (Rs. 477.70,-1.45 per cent), Wipro Ltd. (Rs. 450.50,-1.04 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 2138 shares traded, 1272 shares advanced, 777 shares declined while 88 were unchanged.

On the global front, Asian stocks were trading mixed today after Fed kept its policy rates unchanged, while the US markets closed higher in the previous trading session after a lack luster trade following the Federal Reserve’s widely expected decision to leave interest rates unchanged.

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