Markets Extend Gains; Bajaj Auto Leads

Posted By: Religare
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    The key domestic benchmark indices were trading in a positive terrain in the morning trading session amid strong cues across Asian markets as investors widened their bet ahead of Brexit negotiations between the U.K. and the European Union.

    Markets Extend Gains;  Bajaj Auto Leads
    The markets are expected to take cues from progress of monsoons and the country's GST preparedness as implementation date is approaching fast for the new indirect tax regime.

    On the corporate front, IT bellwether Infosys will remain in focus after the company"s backed startup ideaForge Technology secured an order from NTPC, while banking stocks will also see some movement as bankers would meet today to finalise action against twelve companies named declared by the RBI as the largest defaulters. Also, reports that French President Emmanuel Macron's party won a parliamentary majority also gave a lift to market sentiment.

    At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 31198.7 up by 142.3 points or by 0.46 per cent, while the NSE Nifty was at 9618.85 points, trading higher by 30.8 points or by 0.32 per cent.

    The BSE Sensex touched an intraday high of 31247.69 and an intraday low of 31163.35 while the NSE Nifty touched an intraday high of 9638.75 and an intraday low of 9614.9.

    The top gainers of the BSE Sensex pack were Adani Ports & Special Economic Zone Ltd. (Rs. 371.80,+2.52 per cent), Bajaj Auto Ltd. (Rs. 2857.90,+1.74 per cent), Reliance Industries Ltd. (Rs. 1412.00,+1.74 per cent), ITC Ltd. (Rs. 310.90,+1.50 per cent), Tata Steel Ltd. (Rs. 509.50,+1.47 per cent), among others.

    Meanwhile, Cipla Ltd. (Rs. 527.60,-1.76 per cent), Lupin Ltd. (Rs. 1120.00,-0.97 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 524.90,-0.80 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 2658.00,-0.71 per cent), Coal India Ltd. (Rs. 253.75,-0.65 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 2226 shares traded, 1172 shares advanced, 958 shares declined while 96 were unchanged.

    On the global front, Asian stocks were trading higher today as markets geared up ahead of Brexit negotiations between the UK and the European Union, and as French President Emmanuel Macron's party won a parliamentary majority at the weekend, while the Wall Street closed mixed in the previous trading session after disappointing economic data.

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