The key domestic benchmark indices were trading higher in the morning trading session as traders got some support with Finance Minister Arun Jaitley’s statement dismissing the slowdown concerns, saying that higher tax mop up indicates uptick in economic activity.
The banking stocks are expected to remain under pressure, as the global credit rating agency Moody’s and its Indian arm ICRA said that asset quality issues will continue to hurt prospects of Indian banks in the medium term, despite continued deterioration of the asset quality having been arrested by most of the lenders.
At 09:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 26892.56 up by 166.01 points or by 0.62 per cent, while the NSE Nifty was at 8286.55 points, trading higher by 50.50 points or by 0.61 per cent.
The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 505.70,+1.07 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 287.80,+1.05 per cent), Axis Bank Ltd. (Rs. 457.20,+1.01 per cent), Asian Paints Ltd. (Rs. 918.40,+0.89 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 199.80,+0.88 per cent), among others.
Meanwhile, Larsen & Toubro Ltd. (Rs. 1376.00,-0.34 per cent), Lupin Ltd. (Rs. 1487.00,-0.24 per cent), Power Grid Corporation of India Ltd. (Rs. 186.00,-0.13 per cent), GAIL (India) Ltd. (Rs. 435.05,-0.06 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 384 shares traded, 292 shares advanced, 73 shares declined while 19 were unchanged.
On the global front, Asian stocks were trading lower today as investor sentiment soured amid lacklustre closing on the Wall Street and sharp slide in oil prices overnight while the US markets closed on a mixed note in the previous trading session as investors geared up for the start of earnings season and digested falling oil prices.