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Markets open higher in early trade

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Dion Global

06 Jan 2017

The key domestic benchmark indices opened higher in the morning trading session following rise in oil prices and stronger rupee.

The upcoming budget and assembly elections in UP, Punjab, Uttarakhand, Goa and Manipur would be key event to watch for which will set future direction for markets.

At 09:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 26972.87 up by 94.63 points or by 0.35 per cent, while the NSE Nifty was at 8299.45 points, trading higher by 25.65 points or by 0.31 per cent.

The BSE Sensex touched an intraday high of 26822.75 and an intraday low of 26738.42 while the NSE Nifty touched an intraday high of 8251.85 and an intraday low of 8223.7

The top gainers of the BSE Sensex pack were Axis Bank Ltd. (Rs. 463.00,+1.11 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 650.00,+1.05 per cent), NTPC Ltd. (Rs. 166.20,+0.88 per cent), Tata Motors Ltd. (Rs. 506.10,+0.83 per cent), Mahindra & Mahindra Ltd. (Rs. 1235.00,+0.74 per cent), among others.

Meanwhile, Tata Consultancy Services Ltd. (Rs. 2320.00,-0.62 per cent), Wipro Ltd. (Rs. 477.40,-0.61 per cent), Infosys Ltd. (Rs. 993.00,-0.34 per cent), Reliance Industries Ltd. (Rs. 1075.30,-0.19 per cent), Asian Paints Ltd. (Rs. 916.00,-0.05 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 818 shares traded, 633 shares advanced, 142 shares declined while 43 were unchanged.

On the global front, Asian stocks were trading mixed today with Japanese automakers coming under pressure following a tweet by President-elect Donald Trump directed at Toyota, as well as due to a stronger yen. The US markets closed on a subdued note in the previous trading session dragged down by a steep slide in the financial sector and major retailers.