1. Sensex, Nifty extend yesterday’s gains; open slightly up amid mixed Asian cues

Sensex, Nifty extend yesterday’s gains; open slightly up amid mixed Asian cues

Indian stocks markets opened slightly higher tracking SGX Nifty amid mixed Asian markets, continuing yesterday’s momentum. As the global markets remain sluggish, traders look to blue chip companies’ third quarter earnings for domestic triggers.

By: | Published: January 24, 2017 9:37 AM
BSE Sensex was up 0.26% at 27,186.84 points, while NSE Nifty was also up 0.26% at 8,413.25 points in the early morning trade. (Image: Reuters) BSE Sensex was up 0.26% at 27,186.84 points, while NSE Nifty was also up 0.26% at 8,413.25 points in the early morning trade. (Image: Reuters)

Indian stocks markets opened slightly higher tracking SGX Nifty amid mixed Asian markets, continuing yesterday’s momentum.
BSE Sensex was up 0.26% at 27,186.84 points, while NSE Nifty was also up 0.26% at 8,413.25 points in the early morning trade.
As the global markets remain sluggish, traders look to blue chip companies’ third quarter earnings for domestic triggers.
Bharti Airtel fell sharply ahead of third quarter results on concerns that India’s largest telecommunication services operator may announce a fall in net profit for the quarter due to pricing pressure and impact of demonetisation. It was trading down 1.3% at Rs 315.5.
HDFC Bank, on the other hand, rose ahead of the results and was trading at Rs 1,254, up 0.75%. Analysts expect HDFC Bank to post a rise in net profit on-quarter.
Among other stocks, MOIL Ltd was a major loser, trading down 3.42% at Rs 369.65, ahead of the government’s stake sale in the company planned for later in the day at a floor price of Rs 365 per share. The government plans to sell 10% equity stake in the state-owned manganese miner in a bid to raise about Rs 450 crore for the exchequer and to further help it raise money through disinvestment of equity stakes in PSUs. The floor price is at a discount of 4.63% over Monday’s closing price of MOIL at Rs 382.70 on the BSE. Retail investors will get a further discount of 5.2% in the offer for sale (OFS).
HCL Tech was the top loser on Nifty, down 2.22% at Rs 838.25, ahead of the third quarter results. Among other top losers were Hindustan Unilever, which fell after weak results posted yesterday, Asian Paints, and Infosys.
Yes Bank, Coal India, Bank of Baroda, IndusInd Bank and SBI were the top gainers, rising between 1% and 1.9%.
Earlier, global equities continued to be soft amid concerns about protectionist policies under the new US President Donald Trump. Asian stocks opened soft on a tentative note amid renewed concerns as Trump pulled the US out of the Trans-Pacific Partnership trade accord.
US stocks fell, while Japanese shares opened lower after the yen hit a two-month high against the dollar. European shares were down as well.
As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 288.8 crores on January 23, while domestic institutional investors sold shares worth net Rs 519.99 crores.

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