Sensex gains over 50 pts, Nifty inches close to 8,600; Oil&gas stocks rise 2% :14/10/2016 13:19

Sensex gains over 50 pts, Nifty inches close to 8,600; Oil&gas stocks rise 2% :14/10/2016 13:19

NIFTY FUT  TREND             : BUY ZONE
BANKNIFTY FUT  TREND : BUY ZONE

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The Indian equities extended day’s gain in noon session of day’s trade, helped by strong buying across broader markets, as easing inflation bolstered the case for further interest rate cuts from the Reserve Bank of India, boosting risk taking appetite. Further gains in index heavyweights such as TCS, RIL, GAIL, ONGC, L&T and Power Grid Corp also gave a lift to market sentiments.

At 1:10 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 27702.12, up by 59.01 points or by 0.21 per cent, and then NSE Nifty was at 8589.8, up by 16.45 points or by 0.19 per cent.

Shares of IT bellwether Infosys stayed under selling pressure after it cut its revenue guidance to 8-9 per cent for FY17 from 10.5-12 per cent in constant currency terms.

Tata Consultancy Services (TCS) were trading flat after the country's largest software exporter reported a growth of 8.4 per cent in its consolidated net profit after taxes (PAT) at Rs 6,603 crore for the second quarter ended September 30, 2016.

Among others, state-controlled Jammu & Kashmir Bank tanked over 9 per cent in intra-day trade on the Bombay Stock Exchange after many brokerages downgraded ratings on the stock citing weak outlook.

In the day’s trade so far, the BSE Sensex touched intraday high of 27763.54 and intraday low of 27548.18, while the NSE Nifty touched intraday high of 8600.2 and intraday low of 8549.8.

The top gainers of the BSE Sensex pack were GAIL (India) Ltd. (Rs. 428.45,+3.59%), Oil And Natural Gas Corporation Ltd. (Rs. 278.10,+2.22%), Reliance Industries Ltd. (Rs. 1077.35,+1.86%), Larsen & Toubro Ltd. (Rs. 1462.05,+1.79%), Power Grid Corporation of India Ltd. (Rs. 176.70,+1.29%), among others.

Meanwhile, Hindustan Unilever Ltd. (Rs. 851.00,-1.27%), Infosys Ltd. (Rs. 1039.00,-1.24%), Lupin Ltd. (Rs. 1466.85,-0.92%), Mahindra & Mahindra Ltd. (Rs. 1360.00,-0.66%), Tata Steel Ltd. (Rs. 411.20,-0.64%), among top losers on BSE.

On the sectoral front, oil&gas and capital goods stocks were leading the gain, adding as much as 2.15 per cent and 1.1 per cent respectively.

The market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 2835, shares advanced were 1696 while 934 shares declined and 205 were unchanged.