Sensex Struggles; Bank of Baroda, Idea Cellular Slump On Weak Q3

The Indian markets edged up on Monday with the BSE Sensex rising nearly 100 points in early trade while Nifty index trading firm above 8,800, taking cues from higher Asian markets. But they faced profit-taking at higher levels. Asian stocks ticked up helped by renewed optimism over the new US president’s tax reform plans, generally upbeat global economic data and his change of tack to agree to honour the “one China” policy. Metal, select banking and power stocks led the domestic markets higher. Bank of Baroda fell over 5 per cent and Idea Cellular was down 4 per cent amid earnings disappointment.

Hindalco, M&M, NTPC and Bharti Infratel were among the top gainers, up nearly 1 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, led by resource-related shares. Japan’s Nikkei rose 0.4 per cent, hitting its highest level since early January. The MSCI’s world index, which tracks shares in 46 countries, rose to its highest level since May 2015 on Friday, with Wall Street’s main stock indices rising to fresh all-time closing highs.

Comments from Mr Trump on Thursday that he plans to announce the most ambitious tax reform plan since the Reagan era in the next few weeks rekindled hopes for big tax cuts.

Japan’s economy grew for a fourth straight quarter in the final three months of last year thanks to strong exports, though worries about weak private consumption and rising protectionism in the United States continue. Japan’s GDP growth came in at 1 per cent for the 4th quarter.

Last week, US stock-market indices – Dow Jones industrial average, S&P 500 and Nasdaq Composite – registered fresh records on Friday and posted a third straight week of gains. (With inputs from Reuters)

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Source:Ndtv

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