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Markets open higher in early trade

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Dion Global

05 Jan 2017

The key domestic benchmark indices opened higher in the morning trading session tracking firm cues from fellow Asian peers after US market ended higher in overnight trade, extending post-election rally to the New Year.

The investors are expected to react to Fed Minutes which suggest that the US economy could grow more quickly if a Donald Trump administration were to announce fiscal stimulus going ahead, which may led to increase in interest rates at faster pace.

At 09:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 26791.73 up by 158.60 points or by 0.60 per cent, while the NSE Nifty was at 8238.80 points, trading higher by 48.30 points or by 0.59 per cent.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 496.10,+1.97 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 197.00,+1.36 per cent), Power Grid Corporation of India Ltd. (Rs. 188.50,+1.26 per cent), Cipla Ltd. (Rs. 575.00,+1.21 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 643.60,+0.94 per cent), among others.

Meanwhile, ITC Ltd. (Rs. 244.10,-0.25 per cent), NTPC Ltd. (Rs. 164.50,-0.18 per cent), Bharti Airtel Ltd. (Rs. 314.00,-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 851 shares traded, 710 shares advanced, 109 shares declined while 32 were unchanged.

On the global front, Asian stocks were trading higher today underpinned by a firm closing at the Wall Street. The US markets closed higher in the previous trading session following the release of the Federal Reserves policy minutes from its December meeting and a strong showing in auto sales.