News Details

( 03 Nov 2017)
Markets trade near flat line; Axis Bank, Bharti Airtel shares advance

The key domestic benchmark indices were trading near the flat line in the morning trading session tracking mixed cues across global peers.

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. Hathway Cable was locked at 20 percent upper circuit after the company has turned profitable in the quarter ended September 2017 as it has reported net profit at Rs 14 crore in the Q2FY18 against loss of Rs 40.4 crore in a year ago period. Also, shares of Lupin gained 1 percent in morning on the back of launch of Doxycycline tablets in the US market.

At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 33570.17 down by 3.05 points or by 0.01 per cent, while the NSE Nifty was at 10424.6 up by 0.8 points or by 0.01 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 Axis Bank Ltd. (Rs. 540.70,+2.00 per cent), Bharti Airtel Ltd. (Rs. 553.00,+1.82 per cent), Larsen & Toubro Ltd. (Rs. 1221.40,+0.85 per cent), Wipro Ltd. (Rs. 294.75,+0.58 per cent), ITC Ltd. (Rs. 266.70,+0.41 per cent), among others.

Meanwhile, Power Grid Corporation of India Ltd. (Rs. 211.00,-1.86 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 555.55,-1.36 per cent), Coal India Ltd. (Rs. 288.70,-1.01 per cent), Lupin Ltd. (Rs. 1051.30,-0.90 per cent), Tata Motors Ltd. (Rs. 240.00,-0.83 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 2223 shares traded, 1247 shares advanced, 893 shares declined while 83 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.