Markets remain firm; Power Grid, Yes Bank shares advance
14/09/2018 10:15

The key domestic benchmark indices were trading in a positive terrain in the morning trading session amid strong cues from other Asian peers.

Traders reacted to IIP, inflation numbers as they offered some respite to the economy which is going through tough phase amid falling rupee and rising crude oil prices.

Industrial output grew at 6.6 per cent in July, while retail inflation slowed to a 10-month low of 3.69 per cent in August.

On the economy front, the government will issue Wholesale Price Index (WPI) inflation data after-market hours today.

On the corporate front, shares of Vedanta remained in focus after the company said it had discovered natural gas in a Krishna Godavari basin block in the Bay of Bengal. Among others, NBCC shares also saw some movement after the company announced to buy out 100 per cent government stake in HSCC in a deal worth Rs 285 crore.

At 10:10 hrs, the Bombay Stock Exchange bellwether Sensex was trading at 37952.8 up by 234.84 points or by 0.62 per cent, while the NSE Nifty was at 11441.85 up by 71.95 points or by 0.63 per cent.

The BSE Sensex touched an intraday high of 38058.92 and an intraday low of 37874.33 while the NSE Nifty touched an intraday high of 11484.8 and an intraday low of 11430.55.

The top gainers of the BSE Sensex pack were Power Grid Corporation of India Ltd. (Rs. 200.15,+3.60 per cent), YES Bank Ltd. (Rs. 323.60,+2.91 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 383.65,+1.99 per cent), Asian Paints Ltd. (Rs. 1317.05,+1.96 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 662.00,+1.87 per cent), among others.

Meanwhile, Infosys Ltd. (Rs. 737.20,-0.74 per cent), Hindustan Unilever Ltd. (Rs. 1620.25,-0.47 per cent), Wipro Ltd. (Rs. 327.90,-0.23 per cent), Tata Consultancy Services Ltd. (Rs. 2039.15,-0.23 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 2052, shares advanced were 1489 while 471 shares declined and 92 were unchanged.

On the global front, Asian stocks were trading higher as moves by the United States and China to resolve a bitter trade dispute and a sharp interest rate hike in crisis-hit Turkey supported global risk appetite, while Wall Street closed higher in the previous trading session as Apple led a jump in technology shares and trade worries eased after China welcomed new talks with the United States.