Mid-Session: Sensex breaches 34K level, Nifty above 9,450; IT, Teck stocks up

16/05/2017 12:18

The Indian equities continued to trade higher in late morning deal on Tuesday, supported by gain across IT and Teck stocks, tracking muted cues from Asian peers. The market rally was fueled by positive economic data after retail inflation eased to 2.99 per cent in April from 3.89 per cent reported in last month, while the wholesale price inflation slipped to a four-month low of 3.85 per cent in April. Chennai Petroleum Corporation (CPCL) dipped nearly 6 per cent after the company reported 31 per cent decline in its net profit at Rs 171 crore for the quarter ended March 2017 (Q4FY17), compared to Rs 248 crore in a year ago quarter.

At 12:15 hour, the 30-share barometer SENSEX was trading at 30429.38, up by 107.26 points or by 0.35 per cent, and the NSE Nifty was at 9466.7, up by 21.3 points or by 0.23 per cent.

South Indian Bank rebounded over 2 per cent after the private sector lender reported a marginal growth of 3.52 per cent on year-on-year basis in its net profit at Rs 75.54 crore in the fourth quarter ended March 31, 2017, driven by increase in net interest income.

The Indian Rupee extended gaining streak against the greenback on Tuesday amid fresh selling of dollar by banks and exporters, while sustained fund inflows by foreign portfolio investors also boosted home currency’s movement.

In the day’s trade so far, the BSE Sensex touched intra-day high of 30518.78 and intraday low of 30363.37, while the NSE Nifty touched intraday high of 9492.6 and intraday low of 9456.35.

The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 374.75,+3.00%), Dr. Reddy’s Laboratories Ltd. (Rs. 2726.85,+1.89%), Tata Consultancy Services Ltd. (Rs. 2404.90,+1.71%), Tata Motors Ltd. (Rs. 439.10,+1.68%), Wipro Ltd. (Rs. 512.25,+1.19%), among others.

On the flip side, Oil And Natural Gas Corporation Ltd. (Rs. 184.80,-1.12%), Asian Paints Ltd. (Rs. 1135.25,-1.05%), Coal India Ltd. (Rs. 275.80,-0.67%), GAIL (India) Ltd. (Rs. 411.85,-0.41%), Hero MotoCorp Ltd. (Rs. 3503.50,-0.39%), were among the top losers on BSE.

On the sectoral front, Teck and IT stocks emerged as top gainers, rising as much as 0.67 per cent and 0.58 per cent, respectively.

The market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2756, shares advanced were 1355 while 1216 shares declined and 185 were unchanged.

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