Markets trade higher; SBI, Axis Bank shares advance
13/03/2018 10:17

The key domestic benchmark indices were trading in a positive terrain in the morning trading session despite muted cues and mixed trend across the Asian markets.

On the economy front, investors reacted to macro data as the industrial productivity expanded to 7.5 per cent in January, while retail inflation eased to 4-month low of 4.4 per cent in February.

On the corporate front, shares of Reliance Infratel remained in focus as the National Company Law Tribunal (NCLT) stayed the sale of company’s assets to Reliance Jio Infocomm (RJio) as per a debt resolution plan approved by lenders in December 2017.

Among others, Banks stocks saw heavy buying interest after Bank of India recovered Rs 7,000 crore worth of Standby Letter of Credits from other banks. Also, TCS shares fell more than 5 percent in morning after the large block deal trade.

At 10:15 a.m the Bombay Stock Exchange bellwether Sensex was trading at 33992.68 up by 74.74 points or by 0.22 per cent, while the NSE Nifty was at 10450 up by 28.6 points or by 0.27 per cent.

The BSE Sensex touched an intraday high of 34015.24 and an intraday low of 33790.09 while the NSE Nifty touched an intraday high of 10453.3 and an intraday low of 10381.95.

The top gainers of the BSE Sensex pack were State Bank of India (Rs. 258.50,+2.23 per cent), Axis Bank Ltd. (Rs. 529.70,+2.02 per cent), ICICI Bank Ltd. (Rs. 305.70,+1.66 per cent), Wipro Ltd. (Rs. 295.40,+1.60 per cent), Bajaj Auto Ltd. (Rs. 2991.95,+1.08 per cent), among others.

Meanwhile, Tata Consultancy Services Ltd. (Rs. 2909.80,-4.65 per cent), Coal India Ltd. (Rs. 291.00,-2.28 per cent), NTPC Ltd. (Rs. 168.00,-1.75 per cent), Mahindra & Mahindra Ltd. (Rs. 733.50,-0.50 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 182.80,-0.46 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 shares traded 2140, shares advanced were 1463 while 591 shares declined and 86 were unchanged.

On the global front, Asian stocks were trading mixed as the proposed implementation of US tariffs on steel and aluminium hit regional steel producers, while the Wall Street closed lower in the previous trading session as the U.S. tariffs signed into law last week by President Donald Trump weighed on industrials.