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Markets maintain momentum; Oil & gas, CDS stocks up

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Dion Global

10 Jan 2017

Despite mixed cues from fellow Asian peers, Indian equity benchmarks continued to trade in the positive territory during the afternoon session on Tuesday on value-buying in select blue-chip stocks amid optimism as December quarter corporate earnings season kick started.

At 1:04 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26,855.23 up by 128.68 points or by 0.48 per cent while the NSE Nifty was at 8,269.05 up by 33 points or by 0.4 per cent.

Market sentiment got a boost after Deutsche Bank has set its December target for the Indian equity benchmark Sensex at 29,000 level, saying it expects the market to move in a narrow range during the current year, with recovery likely in the latter part of the year.

Meanwhile, buying momentum was witnessed mainly in the oil & gas and consumer durables sector stocks.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 512.15,+2.36%), GAIL (India) Ltd. (Rs. 441.55,+1.44%), Adani Ports & Special Economic Zone Ltd. (Rs. 288.70,+1.37%), HDFC Bank Ltd. (Rs. 1209.00,+1.18%), Reliance Industries Ltd. (Rs. 1089.00,+1.10%), among others.

Major show spoilers were Axis Bank Ltd. (Rs. 448.20,-0.98%), Power Grid Corporation of India Ltd. (Rs. 185.15,-0.59%), Housing Development Finance Corporation Ltd. (Rs. 1216.40,-0.48%), Bharti Airtel Ltd. (Rs. 317.55,-0.45%), Dr. Reddy's Laboratories Ltd. (Rs. 3052.15,-0.45%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2,802 shares traded, 1,560 advanced while 1,096 shares declined and 146 remained unchanged.