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Bulls continue to dominate D-Street; oil & gas, metal stocks lead

Share Source By

Dion Global

10 Jan 2017

Indian equity benchmarks were trading higher during late morning deals on Tuesday as October-November quarter earnings season started and value-buying in select blue-chip stocks amid mixed cues from fellow Asian peers.

At 11:11 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26,839.25 up by 112.7 points or 0.42 per cent while the NSE Nifty was at 8,264.8 up by 28.75 points or 0.35 per cent.

Also, Deutsche Bank has set its December target for the Indian equity benchmark Sensex at 29,000 level, saying it expects the market to move in a narrow range during the current year, with recovery likely in the latter part of the year, supported sentiment at D-Street.

Buying momentum was witnessed mainly in the oil & gas and metal sector stocks.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 512.40,+2.41%), Tata Steel Ltd. (Rs. 428.00,+1.41%), GAIL (India) Ltd. (Rs. 440.75,+1.25%), ICICI Bank Ltd. (Rs. 260.80,+1.09%), Asian Paints Ltd. (Rs. 919.95,+1.06%), among others.

Major show spoilers were Axis Bank Ltd. (Rs. 448.60,-0.89%), Bharti Airtel Ltd. (Rs. 317.50,-0.47%), Hero MotoCorp Ltd. (Rs. 3025.00,-0.36%), Sun Pharmaceutical Industries Ltd. (Rs. 631.15,-0.28%), Dr. Reddy's Laboratories Ltd. (Rs. 3060.00,-0.20%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2487 shares traded, 1503 advanced while 872 shares declined and 112 remained unchanged.

On the global front, Asian markets were trading mixed as oil markets roiled by a rise in supply and the pound sliding on renewed concerns about a hard Brexit.