Markets rally in morning trade, Sensex soars by 114.84 points

By: | Published: January 10, 2017 10:52 AM

The Indian markets rallied in the morning trade on Tuesday, led by gains in several stocks and tracking other Asian counters which are trading on a mild positive note today.

BSE, BSE Index, BSE sensex, Nifty, Stock Market, BrexitThe Indian markets rallied in the morning trade on Tuesday, led by gains in several stocks and tracking other Asian counters which are trading on a mild positive note today. (Source: Reuters)

The Indian markets rallied in the morning trade on Tuesday, led by gains in several stocks and tracking other Asian counters which are trading on a mild positive note today. At 10.30 am, the Sensex was trading at 26841.39, up by 114.84 points, while the Nifty was trading 38.40 points up at 8274.45.

The US markets had a mixed session with energy stocks moving downward on lower oil prices. The NYSE Arca Natural gas Index fell by 2.4 percent, while the NYSE Arca Oil & Gas Index slid by 1.4 percent. Lack of economic data as well as upcoming earnings updates from financial giants Bank of America (BAC), JPMorgan Chase (JPM), and Wells Fargo (WFC) kept trading activity low during the session. The FTSE closed positive in spite of negative news regarding Brexit and economic data.

The British pound drifted lower on worries over the likelihood of a “hard Brexit,” after comments by the UK Prime Minister. British house price inflation accelerated unexpectedly at the end of the year. House prices climbed 6.5 percent in three months to December YoY. This was against an expected inflation of 5.8 percent, said an Angel Broking report.

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The Indian markets closed flat on Monday as investors await the third quarter earnings results as well as data relating to December CPI and November factory data. The major loser for the session was the Pharma index which closed down 1.42 percent. The IT index recovered the previous session’s losses to close up 0.87 percent. FII sentiment continues to remain weak as FII selling continued

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