Markets Extend Gains; ICICI Bank; SBI Shares Advance

Posted By: Religare
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The key domestic benchmark indices were trading in a positive terrain in the morning trading session tracking firm cues from fellow Asian peers as investors sentiment were boosted by the strong US job data and withdrawal of financial regulations by the President Donald Trump.

Markets Extend Gains; ICICI Bank; SBI Shares Advance
The traders are expected to react to earnings reports as over 100 companies will unveil their quarterly results today, including Abbott India, Gujarat Gas, Honeywell Automation, Titagarh Wagons and Shemaroo Entertainment.

The investors also remained optimistic on hopes of interest rate cut by the Reserve Bank as easing inflation create room for a rate cut on February 8. The foreign portfolio investors (FPIs) have turned bullish on the Indian market post Union Budget as FM stick to fiscal prudence amid growth optimism. At 10:15 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 28444.09 up by 203.57 points or by 0.72 per cent, while the NSE Nifty was at 8793.25 points, trading higher by 52.3 points or by 0.6 per cent. The BSE Sensex touched an intraday high of 28477.3 and an intraday low of 28340.39 while the NSE Nifty touched an intraday high of 8809.1 and an intraday low of 8779.85

The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 289.10,+2.74 per cent), State Bank of India (Rs. 282.25,+1.75 per cent), Hero MotoCorp Ltd. (Rs. 3263.45,+1.48 per cent), Axis Bank Ltd. (Rs. 496.70,+1.44 per cent), ITC Ltd. (Rs. 275.80,+1.23 per cent), among others.

Meanwhile, Dr. Reddy's Laboratories Ltd. (Rs. 3073.40,-2.17 per cent), Coal India Ltd. (Rs. 323.70,-0.72 per cent), Infosys Ltd. (Rs. 933.50,-0.16 per cent), Tata Consultancy Services Ltd. (Rs. 2232.00,-0.08 per cent), Bajaj Auto Ltd. (Rs. 2808.00,-0.07 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 2337 shares traded, 1642 shares advanced, 594 shares declined while 101 were unchanged.

On the global front, Asian stocks were trading higher today after the Trump administration planned to roll back financial regulations, while the US markets closed higher in the previous trading session supported by upbeat jobs data and the Dow climbed back above 20,000 and the Nasdaq reached a new record closing high.

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