The key domestic benchmark indices were trading in a positive terrain 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 10:10 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 26849.46 up by 122.91 points or by 0.46 per cent, while the NSE Nifty was at 8274.6 points, trading higher by 38.55 points or by 0.47 per cent.
The BSE Sensex touched an intraday high of 26902.05 and an intraday low of 26804.17 while the NSE Nifty touched an intraday high of 8288.1 and an intraday low of 8261.
The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 509.35,+1.80 per cent), Tata Steel Ltd. (Rs. 428.95,+1.63 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 201.00,+1.49 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 288.80,+1.40 per cent), GAIL (India) Ltd. (Rs. 440.80,+1.26 per cent), among others.
Meanwhile, Axis Bank Ltd. (Rs. 450.00,-0.59 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 630.00,-0.46 per cent), Tata Consultancy Services Ltd. (Rs. 2298.00,-0.25 per cent), Bharti Airtel Ltd. (Rs. 318.60,-0.13 per cent), Lupin Ltd. (Rs. 1489.40,-0.08 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 2088 shares traded, 1372 shares advanced, 624 shares declined while 92 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.