Markets remain firm; Tata Steel, Power Grid shares advance

13/02/2017 10:18

The key domestic benchmark indices were trading in a positive terrain in the morning trading session tracking firm cues from fellow Asian peers and strong closing of the Wall Street on Friday on hopes of tax reform by the newly elected President Donald Trump, amid sustained buying by foreign portfolio investors as they rush to avail treaty tax benefit before April 01.

It will be the busiest day of the earnings season as over 650 companies will release their financial report which includes big names such as, Hindalco Industries, Nalco, Petronet LNG, Allahabad Bank, Britannia Industries and MMTC.

The investors may react to Index of Industrial Production (IIP) data later in the day which contracted 0.4 per cent year-on-year in December 2016 due to demonetisation led dip in consumer goods production. Traders will also keep an eye on the consumer price index (CPI) data for January which will released after market hours today and wholesale price index (WPI) due tomorrow.

At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 28374.41 up by 40.16 points or by 0.14 per cent, while the NSE Nifty was at 8807.3 points, trading higher by 13.75 points or by 0.16 per cent.

The BSE Sensex touched an intraday high of 28458.8 and an intraday low of 28321.93 while the NSE Nifty touched an intraday high of 8826.9 and an intraday low of 8786.45

The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 475.55,+1.67 per cent), Power Grid Corporation of India Ltd. (Rs. 202.80,+1.48 per cent), Mahindra & Mahindra Ltd. (Rs. 1292.30,+1.11 per cent), GAIL (India) Ltd. (Rs. 488.30,+1.11 per cent), NTPC Ltd. (Rs. 171.90,+0.88 per cent), among others.

Meanwhile, Coal India Ltd. (Rs. 319.20,-1.71 per cent), Housing Development Finance Corporation Ltd. (Rs. 1380.00,-0.61 per cent), State Bank of India (Rs. 274.65,-0.58 per cent), Hero MotoCorp Ltd. (Rs. 3250.00,-0.50 per cent), Cipla Ltd. (Rs. 577.45,-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 2344 shares traded, 1142 shares advanced, 1087 shares declined while 115 were unchanged.

On the global front, Asian stocks were trading higher as recent actions by President Donald Trump helped soothe investor worries about ties between the U.S. and its key Asian trading partners, while the US markets closed higher in the previous trading session on the positive impact of lower taxes and regulatory reforms promised by Trump.

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