Sensex, Nifty hold gains as mood remains bullish

Last Updated: Wed, Jan 11, 2017 12:09 hrs

Key Indian stock indices Sensex and the Nifty50 remain firmly entrenched in positive territory around noon, with most of the early gainers trading firm on sustained buying support.

The overnight positive close on Wall Street and a steady trend Asian markets today set up a higher opening for Indian stocks. The World Bank's remarks that the government's demonetization move will help growth in the medium term and the prime minister's assurance that the government is committed to continue economic reforms appear to be aiding sentiment.

The Sensex, which rose to 27.078.69, is up 143.96 points or 0.53% at 27,043.52 at present. The Nifty50 of the National Stock Exchange is up 53.15 points or 0.63% at 8341.75.

IndusInd Bank is up 4.5% on strong third quarter results. Coal India, Hindalco, Tata Steel and Yes Bank are gaining 3.2% - 4%. Zee Entertainment Enterprises is up 2.5% and Ambuja Cements is up 2.1%.

Lupin, Ultratech Cement, Adani Ports, Kotak Bank, Larsen & Toubro, HDFC Bank, ACC, Hindustan Unilever, Maruti Suzuki, Sun Pharmaceutical Industries and Bank of Baroda are also notably higher.

IT stocks HCL Technologies, Tata Consultancy Services, Tech Mahindra and Infosys are down 0.5% - 1.2%.

Bosch, Bajaj Auto, Cipla, Hero Motocorp, Eicher Motors, NTPC, BPCL, Reliance Industries and GAIL India are also weak.

Aviation stocks are trading higher today following a sharp drop in crude oil prices.

Brent crude for March 2017 delivery was up slightly after having tumbled nearly 2.5% to $53.64 a barrel on Tuesday.

SpiceJet and InterGlobe Aviation (Indigo) are trading higher by about 2%, while Jet Airways, which opened on a firm note, has give up its gains and is currently trading around its previous closing price.

Shares of Bharat Electronics Limited are up 1.5% after the company said its board of directors will meet on 27 January 2017 to consider stock-split proposal. The stock, which gained more than 4% in the previous session, is now up 1% at Rs 1526.25, after having rallied to Rs 1549.50 in early trades.

Suzlon Energy is trading notably higher after the company announced that it has bagged a 226MW wind power project from a leading independent power producer in Anantapur District of Andhra Pradesh. The company said in a filing to the stock exchanges that it has entered into an exclusive supply and installation agreement for engineering and constructing the project.

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