Nifty reclaims 8,400-mark for the first time since Nov, Sensex gains over 100 pts

BT Online   New Delhi     Last Updated: January 12, 2017  | 09:52 IST
Nifty reclaims 8,400-mark for the first time since Nov, Sensex gains over 100 pts

The Indian benchmark indices extended gains for the third striaght session amid mixed Asian cues amid US President elect-Donald Trump failing to mention clarity on future fiscal policies or possible tariffs against Chinese exports.

At 9:30 AM, the S&P BSE Sensex was trading at 27,246, up 106 points while the Nifty50 was trading at 8,404, up 23 points.

"Our strategy has played out well and still we expect the Nifty to extend this rally towards 8400 - 8450 levels. On the other hand, previous resistance of 8300 would now be seen as a strong support level for the index," said an Angel Broking Report.  

"Traders are repeatedly advised to keep focusing on individual stocks with a positive bias, which are likely to fetch higher returns as compared to the index," the report added.

Infosys was the top gainer on Sensex adding over 1 per cent ahead of its quarterly earnings that is expected on Friday.

Pharma stocks such as Dr Reddy's, Sun Pharma, Lupin and Cipla were the top losers shedding up to 2 per cent on the BSE.

Asian Markets

Among the Asian markets China's Shanghai Composite was trading flat adding 6 points to the index, Hang Seng Index recorded over 60 points in losses while Japan's Nikkei plunged 214 points, stripping 1.11 per cent off the index.

Wall Street

The Wall Street ended higher after a choppy trading session as the Dow Jones Industrial Average closed at 19,954.28, up 98.75 points. The S&P 500 gained 6.42 points while the Nasdaq Composite recorded 11.83 points.

Trump's much anticipated press conference on Wednesday provided a bleak outlook on his future policies, thereby disappointing investors.

However, Trump did mention the building of the wall against Mexico, 'border' tax on US corporates setting up factories abroad and scrapping Obamacare and pledging higher job opportunities in the US.   

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