Markets Extend Gains; RIL, ITC Shares Advance Analysis for Jul 24, 2017

Posted By: Religare
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    The key domestic benchmark indices were trading in a positive terrain in the morning trading session despite mixed cues from Asian peers backed by ITC.

    Markets Extend Gains; RIL, ITC Shares Advance Analysis for Jul 24, 2017

    ITC shares gained as much as 2.4 percent in morning trade on Monday as the cigarette major hiked select product prices following GST Council hiked cess to pre-GST level.

    On the corporate front, Avenue Supermarts, owner of the DMart retail chain, will remain in focus after the company reported a 47.60 per cent year-on-year (YoY) growth in net profit at Rs 174.77 crore for the June quarter, compared to Rs 118.44 crore profit in the year ago period. On the earnings front, Ambuja Cements, HDFC Bank, HUDCO, Indiabulls Realty, Texmaco Rail and Zee Entertainment, will announce their June quarter results today.

    At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 32190.07 up by 161.18 points or by 0.5 per cent, while the NSE Nifty was at 9949.1 points, trading higher by 33.85 points or by 0.34 per cent.

    The BSE Sensex touched an intraday high of 32192.13 and an intraday low of 32058.33 while the NSE Nifty touched an intraday high of 9953.4 and an intraday low of 9919.6.

    The top gainers of the BSE Sensex pack were Reliance Industries Ltd. (Rs. 1619.50,+2.10 per cent), ITC Ltd. (Rs. 293.80,+1.84 per cent), Wipro Ltd. (Rs. 290.75,+1.52 per cent), Hero MotoCorp Ltd. (Rs. 3723.00,+1.18 per cent), Infosys Ltd. (Rs. 990.65,+1.10 per cent), among others.

    Meanwhile, Dr. Reddy's Laboratories Ltd. (Rs. 2703.00,-2.06 per cent), Asian Paints Ltd. (Rs. 1140.80,-1.30 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 162.85,-1.03 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 572.55,-0.70 per cent), Tata Motors Ltd. (Rs. 461.60,-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 2272 shares traded, 1359 shares advanced, 810 shares declined while 103 were unchanged.

    On the global front, Asian stocks were trading mixed today with markets focusing on the sliding dollar and the upcoming two-day policy meeting from the Fed later in the week, while the Wall Street closed lower in the previous trading session as weak earnings from industrial giant General Electric weighed, while tech shares retreated from record highs.

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