The key domestic benchmark indices continued to trade firm during the morning trading session amid firm cues from Asia and overnight gains on Wall Street, after weak US retail sales data dimmed the prospects of a rate hike by the US Federal Reserve at its meeting later this month.
At 10:25 hours, the 30-share benchmark index was trading at 28733.21 up by 320.32 points or by 1.13 per cent, while the NSE Nifty was at 8829.45 up by 86.9 points or by 0.99 per cent.
In the bullish trade so-far, Sensex touched intraday high of 28736.43 and intraday low of 28520.17 The NSE Nifty touched intraday high of 8835 and intraday low of 8780.25
Traders were getting some support with report that Prime Minister Narendra Modi targeting to roll out the ambitious GST on April 1 next year, has directed that all steps required in this direction should be completed before that date. He has also said that GST Council would need to have intensive meetings to be able to make timely recommendations relating to its mandate.
Further, a continued loose monetary policy regime in key developed markets also bolstered capital flows into emerging markets such as Asia’s third biggest economy. While the Bank of England on Thursday kept policy unchanged but signaled scope of a further rate cut in November, the Fed will meet next week to decide whether to hike interest rates, while the Bank of Japan could bolster monetary stimulus and slash its key rate deeper into the negative terrain.
The top gainers of the BSE Sensex pack were Hero MotoCorp Ltd. (Rs. 3624.55,+2.89%), Bajaj Auto Ltd. (Rs. 3013.40,+2.78%), Axis Bank Ltd. (Rs. 603.35,+2.48%), Adani Ports & Special Economic Zone Ltd. (Rs. 273.80,+2.47%), Maruti Suzuki India Ltd. (Rs. 5573.40,+2.39%), among others.
The top losers of the BSE Sensex pack were Housing Development Finance Corporation Ltd. (Rs. 1404.25,-0.34%), Tata Consultancy Services Ltd. (Rs. 2327.50,-0.02%), among others.
Among the sectors, Auto index was at 22731.4 up by 440.95 points or by 1.98%. Motherson Sumi Systems Ltd. (Rs. 322.30,+3.17%), Hero MotoCorp Ltd. (Rs. 3624.55,+2.89%), Bajaj Auto Ltd. (Rs. 3013.40,+2.78%), Maruti Suzuki India Ltd. (Rs. 5573.40,+2.39%), Tata Motors Ltd. (Rs. 566.95,+1.74%),.
In BSE, BSE_Bankex index was at 23109.61 up by 373.48 points or by 1.64%. Punjab National Bank (Rs. 142.60,+2.81%), Axis Bank Ltd. (Rs. 603.35,+2.48%), Bank of Baroda (Rs. 170.50,+2.34%), Federal Bank Ltd. (Rs. 73.15,+2.31%), State Bank of India (Rs. 260.75,+1.94%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2280 , shares advanced were 1628 while 538 shares declined and 114 were unchanged.