Monday, 23 January 2017
Sensex, Nifty Gain Strength Amid Volatility; HDFC, ITC Lead
Benchmark indices gained strength after weak opening, with the Nifty inching towards 8400 level. The market digested US President Donald Trump's inauguration speech. The 30-share BSE Sensex was up 94.94 points at 27129.44 and the 50-share NSE Nifty gained 36.75 points at 8386.10. The broader markets also traded in line with benchmarks on positive breadth.
About 1278 shares advanced against 570 declining shares on the BSE. HDFC Bank, ITC, Tata Motors, HDFC and ONGC were top five contributors to Sensex's gains, up 1-1.6 percent whereas ICICI Bank, L&T and Axis Bank remained under pressure from early trade.
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Asia markets were mixed, as investors looked past a weekend dominated with Donald Trump inauguration headlines and await clarity on policies including plans to possibly renegotiate the North American Free Trade Agreement and abandon the Trans-Pacific Partnership (TPP) deal.
Mixo Das of Nomura says although there is little by way of important data this week and we are heading into Lunar New Year holidays in Asia, markets may remain edgy as investors stay fixated on policy (prescriptions) coming out of the new US administration. Trump's approach of justifying his unprecedented moves more on apparent social acceptance than legal soundness leaves a lot of outcomes possible, he feels.