Markets remain firm; Wipro, Axis Bank top gainers
13/03/2018 11:14

The key domestic benchmark indices were trading in the green in the late morning trading session driven by banking & financials and oil stocks.

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, shares of Suzlon Energy rose 3.4 percent intraday on commissioning of its new product. Also, shares of Cadila Healthcare added 2 percent as it has received USFDA nod for Tizanidine tablets.

At 11:15 a.m the Bombay Stock Exchange bellwether Sensex was trading at 34029.39 up by 111.45 points or by 0.33 per cent, while the NSE Nifty was at 10460 up by 38.6 points or by 0.37 per cent.

The BSE Sensex touched an intraday high of 34077.32 and an intraday low of 33790.09 while the NSE Nifty touched an intraday high of 10478.6 and an intraday low of 10381.95.

The top gainers of the BSE Sensex pack were Wipro Ltd. (Rs. 296.80,+2.08 per cent), Axis Bank Ltd. (Rs. 529.95,+2.07 per cent), State Bank of India (Rs. 257.90,+2.00 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 521.45,+1.76 per cent), Tata Steel Ltd. (Rs. 631.30,+1.38 per cent), among others.

Meanwhile, Tata Consultancy Services Ltd. (Rs. 2903.25,-4.87 per cent), Coal India Ltd. (Rs. 292.85,-1.66 per cent), NTPC Ltd. (Rs. 168.80,-1.29 per cent), Maruti Suzuki India Ltd. (Rs. 8747.95,-0.72 per cent), Mahindra & Mahindra Ltd. (Rs. 734.00,-0.43 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 2460, shares advanced were 1631 while 713 shares declined and 116 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.