Mid-Session: Sensex breaches 27,500 mark; Nifty above 8300 Analysis for Oct 23, 2015

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The Indian equities witnessed broad-based buying activity on Friday, tracking a bullish trend in fellow Asian peers and a surge in US stocks overnight, as expectation of a stimulus boost from the European Central Bank (ECB) bolstered the appetite for risky assets. Wipro saw some profit booking after IT major in after-market-hours on Wednesday reported a 7.7 per cent rise in Q2 FY 2015-16 net income at Rs 2,240 crore from the year ago quarter.

At 12:15 hours, the BSE SENSEX was trading at 27513.94, up by 226.28 points or by 0.83 per cent, and the NSE Nifty was quoting 57.8 points higher at 8309.5.

During the day"s trade so far, the BSE Sensex touched an intraday high of 27555.06 and intraday low of 27456.23, while the NSE Nifty touched high and low of 8328.1 and 8300.55, respectively.

The ECB on Thursday said that it may bolster its bond buying program before the end of the current year in a bid to offer support to the 19-member Euro area economy.

On the sectoral front, bankex and oil&gas stocks were leading the gain, rising as much as 1.29 per cent and 1.21 per cent, respectively.

Leading the rally on the D-Street were NTPC Ltd. (Rs. 133.25,+2.58%), ITC Ltd. (Rs. 357.00,+2.44%), Oil And Natural Gas Corporation Ltd. (Rs. 259.85,+2.42%), GAIL (India) Ltd. (Rs. 326.25,+2.19%), ICICI Bank Ltd. (Rs. 287.25,+1.77%), among others.

However, some selling were witnessed in blue chip stocks, such as Bharti Airtel Ltd. (Rs. 362.50,-2.41%), Wipro Ltd. (Rs. 569.00,-1.54%), Maruti Suzuki India Ltd. (Rs. 4405.35,-1.51%), Larsen & Toubro Ltd. (Rs. 1537.00,-0.86%), Vedanta Ltd. (Rs. 104.20,-0.81%), among others.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2560, shares advanced were 1467 while 963 shares declined and 130 were unchanged.

Among the global peers, Asian stocks were trading higher, with Japan"s Nikkei 225 2 rallying over 2 per cent after the country"s manufacturing index hit the highest level since March 2014 at 52.5 in October 2015, above the neutral 50-mark. China"s Shanghai Composite and Hang Seng also surged over 1 per cent amid hopes that the government will take more measures to boost the world"s second biggest economy before a top-level Communist Party meet begins next week.

Story first published: Friday, October 23, 2015, 12:36 [IST]
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