Markets

News Details

( 03 Nov 2017)
Markets trade higher; Bharti Airtel, Cipla top gainers

The key domestic benchmark indices were trading in a positive terrain in the late morning trading session amid consolidation as investors awaited more corporate earnings.

On the corporate front, Bharti Airtel remained in focus after the telecom major said that it will invest Rs 25,000 crore in expanding and strengthening its 4G network during this fiscal year. Among others, banking stocks remained in focus as three state-run banks such as Punjab National Bank, Union Bank and UCO Bank will announce their results.

On the earnings front, big companies like Edelweiss Financial Services, Godrej Properties, Hindalco, PFC, Shipping Corporation of India, Tata Power, Titan and Torren Pharma will release their quarterly results today. Bharat Forge share price touched a fresh record high of Rs 722, rising 3.75 percent intraday Friday, following sharp improvement in North America class 8 truck orders. Also, shares of Lupin gained 1 percent in morning on the back of launch of Doxycycline tablets in the US market.

At 11:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 33652.1 up by 78.88 points or by 0.23 per cent, while the NSE Nifty was at 10444.3 up by 20.5 points or by 0.2 per cent.

The BSE Sensex touched an intraday high of 33692.58 and an intraday low of 33531.94 while the NSE Nifty touched an intraday high of 10461.7 and an intraday low of 10403.6.

The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 556.55,+2.48 per cent), Cipla Ltd. (Rs. 646.50,+2.04 per cent), Axis Bank Ltd. (Rs. 540.15,+1.90 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 190.40,+1.28 per cent), Larsen & Toubro Ltd. (Rs. 1225.50,+1.19 per cent), among others.

Meanwhile, Power Grid Corporation of India Ltd. (Rs. 211.15,-1.79 per cent), Lupin Ltd. (Rs. 1045.90,-1.41 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 555.30,-1.40 per cent), Coal India Ltd. (Rs. 288.80,-0.98 per cent), Kotak Mahindra Bank Ltd. (Rs. 1014.95,-0.47 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 2500 shares traded, 1453 shares advanced, 937 shares declined while 110 were unchanged.

On the global front, Asian stocks were trading mixed after the Wall Street ended on soft note in overnight trade as investors digested the Republicans' tax-reform plan and nomination of Jerome Powell as the next Federal Reserve Governor by the US President Donald Trump, while the Wall Street closed mixed in the previous trading session as investors digested the Republicans' tax-reform plan.