Equity benchmarks opened at fresh record high on Tuesday, continuing upside despite mixed Asian cues. Nifty50 needs to sustain above the level of 9,455 to extend its upward move towards the levels of 9,480-9,500. On the downside, immediate support stands at the level of 9,420, and if this support is breached, the next support is placed around the level of 9,370.
Bharti Airtel was the biggest gainer among largecaps, up nearly 3 percent followed by Tata Steel, TCS, Dr Reddy's Labs, IOC, ACC and ICICI Bank. There are 931 advances, 478 declines and 481 unchanged stocks on NSE reflecting some positive bias floating in the market.
The 30-share BSE Sensex was up 63.33 points at 30,385.45 and the 50-share NSE Nifty rose 12.55 points to 9,457.95. About 643 shares advanced against 258 declining shares on the BSE.
Asian markets were mixed, following the bounce in oil prices after the energy ministers of Russia and Saudi Arabia announced output cuts should be extended till March 2018 and as investors largely shrugged off US political news on President Donald Trump.
US stocks closed in the positive territory. The Nasdaq Composite and the S&P 500 closed at fresh records as a sharp bounce in oil prices helped to lift sentiments on Wall Street.
European markets tumbled into the mixed territory by mid- morning in today’s trade after hitting a record high.
Major Headlines of the day:
Capacity of Indocount Industries has increased from 68 million meters to 90 million meters.
Tata Motors ropes in Tom Flack as Chief procurement officer.
Colgate to set up herbal presence as competition grows.
Trend in FII flows: The FIIs were net buyers of Rs 235.33 the cash segment on Monday while the DIIs were net sellers of Rs -65.77 as per the provisional figures.
UPCOMING RESULTS: ANDHRABANK, DISHMAN, GRASIM, ORIENTPAPER, PNB, QUESSCORP, SOBHA, TATASTEEL, TCI, WHIRLPOOL, OFSS, PIIND, SHREE CEM.
Securities in Ban For Trade Date 16-MAY-2017: