Markets remain rangebound; ICICI Bank, Axis Bank shares advance : 17/10/2016 10:21
Click Here & Register To Get 2 days Trial Tips
Free Intraday Tips : Join Our Whatsapp No : 9841986753
The key domestic benchmark indices were trading near the flat line as markets remained rangebound in the morning trading session tracking negative cues from most markets across Asia as bets that the US Federal Reserve is moving closer to tightening interest rates curbed risk taking appetite.
The focus this week would be on the September quarter earnings from RIL, Wipro, UltraTech Cement, ACC, Hindustan Zinc, HCL Technologies and Cairn India.
The quarterly earnings season has been off to a disappointing start with IT bellwether Infosys being punished for cutting its revenue guidance while TCS disappointed on the revenue front, signalling an uncertain outlook for the country’s IT industry. However, hopes of further policy easing by the RBI in the coming months amid softening inflation may support sentiment at Dalal Street.
At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 27709.64 up by 36.04 points or by 0.13 per cent, while the NSE Nifty was at 8583.8 points, trading higher by 0.4 points or by 0.00 per cent.
The BSE Sensex touched an intraday high of 27803.21 and an intraday low of 27663.82 while the NSE Nifty touched an intraday high of 8615.4 and an intraday low of 8567.35
The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 253.65,+4.88 per cent), Axis Bank Ltd. (Rs. 528.60,+1.53 per cent), NTPC Ltd. (Rs. 146.70,+1.24 per cent), State Bank of India (Rs. 254.80,+1.15 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 279.15,+0.94 per cent), among others.
Meanwhile, Bharti Airtel Ltd. (Rs. 297.25,-2.81 per cent), Mahindra & Mahindra Ltd. (Rs. 1340.00,-1.26 per cent), Asian Paints Ltd. (Rs. 1195.25,-1.04 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 252.30,-0.84 per cent), Power Grid Corporation of India Ltd. (Rs. 175.95,-0.82 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 2247 shares traded, 1384 shares advanced, 735 shares declined while 128 were unchanged.
On the global front, Asian stocks were trading lower today as traders feared a Fed rate hike in the near-term after US retail sales data signaled strength in the world’s biggest economy. US stocks closed higher in the previous trading session helped by better-than-expected earnings from the likes of JP Morgan and Citigroup while worries over a Fed rate hike kept a lid on gains.
