Benchmark indices opened higher in the morning trading session as investors got some support with governor"s statement that there is further scope for banks to reduce lending rates as the Reserve Bank has already brought down its policy rates by 175 basis points since January 2015.
The top gainers of the BSE Sensex pack were Cipla Ltd. (Rs. 615.00,+2.00 per cent), Hero MotoCorp Ltd. (Rs. 3273.00,+1.53 per cent), Power Grid Corporation of India Ltd. (Rs. 203.30,+1.09 per cent), Tata Motors Ltd. (Rs. 518.00,+0.97 per cent), Lupin Ltd. (Rs. 1500.00,+0.83 per cent), among others.
Meanwhile, Tata Steel Ltd. (Rs. 469.95,-0.16 per cent), Infosys Ltd. (Rs. 935.10,-0.14 per cent), GAIL (India) Ltd. (Rs. 484.10,-0.08 per cent), Wipro Ltd. (Rs. 460.00,-0.02 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 936 shares traded, 715 shares advanced, 186 shares declined while 35 were unchanged.
On the global front, Asian stocks were trading mixed today as investors assessed political risks in Europe and the US, while the Chinese market extended the rally, while the US markets closed mixed in the previous trading session after showing a lackluster trade through the day amid another relatively quiet day on the U.S. economic front, though the tech-heavy Nasdaq reached a new record closing high.