Markets reverse losses; consumer durables, metal stocks support

20/02/2017 11:37

Tracking positive cues from fellow Asian peers, Indian equity benchmarks turned positive during late morning deals on Monday after having opened lower, led by increased buying mainly in the consumer durables and metal sector stocks.

At 11:09 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 28,517.53 up by 48.78 points or 0.17 per cent while the NSE Nifty was at 8,836.3 up by 14.6 points or 0.17 per cent.

Also, investors keenly eyed the minutes of the US Fed meeting this week for possible insight into how members see Trump’s polices, supported the sentiment at the domestic markets.

Meanwhile, caution prevailed ahead of the derivatives expiry on Thursday.

Shares of IT giant Tata Consultancy Services Ltd rose over 1 per cent ahead of the board meeting today to consider a buyback.

The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 378.25,+2.37%), GAIL (India) Ltd. (Rs. 519.05,+1.82%), Tata Steel Ltd. (Rs. 475.35,+1.58%), Tata Consultancy Services Ltd. (Rs. 2445.95,+1.57%), Sun Pharmaceutical Industries Ltd. (Rs. 683.00,+1.12%), among others.

Major show spoilers were Mahindra & Mahindra Ltd. (Rs. 1304.85,-0.91%), ITC Ltd. (Rs. 265.95,-0.86%), Housing Development Finance Corporation Ltd. (Rs. 1393.80,-0.59%), Axis Bank Ltd. (Rs. 486.85,-0.44%), Cipla Ltd. (Rs. 590.30,-0.39%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2,563 shares traded, 1,613 advanced while 807 shares declined and 143 remained unchanged.

On the global front, Asian markets were trading in the green, with China’s Shanghai Composite, Hong Kong’s Hang Seng and Japan’s Nikkei 225 were rose nearly 0.71 per cent, 0.35 per cent and 0.15 per cent respectively.

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