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Bulls continue to dominate D-Street on positive global cues

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Dion Global

05 Jan 2017

Indian equity benchmarks were trading in the positive territory during late morning deals on Thursday on continued buying by investors tracking mostly positive cues from fellow Asian peers followed by overnight gains on the Wall Street after the US Fed minutes suggested a less hawkish stance from policymakers.

At 11:15 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26,843.79 up by 210.66 points or 0.79 per cent while the NSE Nifty was at 8,253.75 up by 63.25 points or 0.77 per cent.

Meanwhile, corporate earnings season are scheduled to start next week and the government's annual budget is due on February 1, 2017, influenced sentiment at D-Street.

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

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 500.15,+2.81%), Adani Ports & Special Economic Zone Ltd. (Rs. 281.20,+2.50%), Oil And Natural Gas Corporation Ltd. (Rs. 198.70,+2.24%), Tata Steel Ltd. (Rs. 414.00,+2.20%), Wipro Ltd. (Rs. 484.40,+1.82%), among others.

Major show spoilers were Mahindra & Mahindra Ltd. (Rs. 1213.20,-0.65%), Tata Consultancy Services Ltd. (Rs. 2378.50,0.00%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2483 shares traded, 1797 advanced while 572 shares declined and 114 remained unchanged.

On the global front, most of the Asian markets were trading in the green followed by overnight gains on the Wall Street after minutes of US Fed's December meeting signalled a less aggressive stance on rate hike.