Sensex, Nifty firm amid positive global cues:20/10/2016 11:24

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The key domestic benchmark indices continued to trade firm during the late morning session supported by strong buying among financials and index heavyweight RIL.

At 11:20 hours, the share benchmark index was trading at 28176.92 up by 192.55 points or by 0.69 per cent, while the NSE Nifty was at 8713.45 up by 54.35 points or by 0.63 per cent.

Traders took encouragement with Prime Minister Narendra Modi’s statement that India was the fastest growing economy and that it can play a major role in providing strength to global economy that is facing slowdown.

Positive global cues too aided sentiments with most of the Asian counters trading mostly in green at this point of time, led by the Japanese market which is up by over a per cent.

In the bullish trade so-far, Sensex touched an intraday high of 28212.5 and an intraday low of 28031.57, while the NSE Nifty touched an intraday high of 8727 and an intraday low of 8687.75.

The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 277.75,+4.81%), Adani Ports & Special Economic Zone Ltd. (Rs. 279.75,+3.10%), Housing Development Finance Corporation Ltd. (Rs. 1362.60,+1.53%), State Bank of India (Rs. 258.35,+1.39%), Axis Bank Ltd. (Rs. 542.00,+1.24%), among others.

The top losers of the BSE Sensex pack were ITC Ltd. (Rs. 239.40,-0.17%), Hindustan Unilever Ltd. (Rs. 845.00,-0.12%), Tata Motors Ltd. (Rs. 549.70,-0.10%), GAIL (India) Ltd. (Rs. 435.50,-0.07%), among others.

Among the sectors, Bankex index was at 22578.84 up by 351.56 points or by 1.58%. ICICI Bank Ltd. (Rs. 277.75,+4.81%), Punjab National Bank (Rs. 143.50,+1.88%), Federal Bank Ltd. (Rs. 72.15,+1.83%), Bank of Baroda (Rs. 157.50,+1.48%), State Bank of India (Rs. 258.35,+1.39%),.

On the flip side. Some selling was witnessed in Oil&Gas index was at 12193.22 down by -27.84 points or by -0.23%. Indian Oil Corporation Ltd. (Rs. 321.50,-1.65%), Petronet LNG Ltd. (Rs. 376.90,-1.59%), Hindustan Petroleum Corporation Ltd. (Rs. 443.20,-0.26%), GAIL (India) Ltd. (Rs. 435.50,-0.07%), Bharat Petroleum Corporation Ltd. (Rs. 660.00,-0.05%),

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2640 , shares advanced were 1610 while 839 shares declined and 191 were unchanged.

On the global front, Asian peers were trading firm driven by strong US earnings and oil prices near a 15-month high, as the third and final US presidential debate before the November 8 election got underway.