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Markets trade near flat line; Dr Reddy’s Lab, Wipro shares dip

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Dion Global

09 Jan 2017

The key domestic benchmark indices were trading near the flat line in the morning trading session tracking mixed cues from fellow Asian peers, as oil prices fell sharply on Monday, while Indian Central Statistics Office lowered India’s economic growth estimate to 7.1 per cent.

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.

The investors may get some support later in the day with Finance minister Arun Jaitley’s statement that the impact of demonetization on the economy would be transient but in the medium and long run, the GDP would be bigger and cleaner and it will also help lower interest rates.

At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 26743.52 down by 15.71 points or by 0.06 per cent, while the NSE Nifty was at 8246.95 points, trading higher by 3.15 points or by 0.04 per cent.

The BSE Sensex touched an intraday high of 26860.88 and an intraday low of 26726.98 while the NSE Nifty touched an intraday high of 8263 and an intraday low of 8233.45

The top gainers of the BSE Sensex pack were ITC Ltd. (Rs. 244.65,+0.82 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 287.70,+0.79 per cent), Hero MotoCorp Ltd. (Rs. 3092.65,+0.78 per cent), HDFC Bank Ltd. (Rs. 1199.95,+0.57 per cent), Bajaj Auto Ltd. (Rs. 2722.40,+0.52 per cent), among others.

Meanwhile, Dr. Reddy's Laboratories Ltd. (Rs. 3092.25,-2.17 per cent), Wipro Ltd. (Rs. 464.50,-1.15 per cent), Asian Paints Ltd. (Rs. 917.55,-1.09 per cent), Coal India Ltd. (Rs. 302.50,-1.06 per cent), Mahindra & Mahindra Ltd. (Rs. 1208.00,-1.00 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 2103 shares traded, 1308 shares advanced, 703 shares declined while 92 were unchanged.

On the global front, Asian stocks were trading mixed today while the US markets closed on a higher note in the previous trading session as gains in the technology, industrials and healthcare sectors led shares higher.