The market is still holding gains with the Nifty eyeing 8700. The Nifty is up 67.40 points or 0.9 percent at 8670.15 and the Sensex is up 251.96 points or 0.9 percent at 27960.10. About 1523 shares have advanced, 932 shares declined, and 262 shares are unchanged. BHEL, ICICI Bank, Axis Bank, GAIL and HDFC were top gainers while Wipro, Lupin, HUL, Tata Motors and Cipla are losers in the Sensex.
Commodity Market Update
Gold: Gold prices to trade lower today on account of profit booking at higher levels, besides; weak dollar index will also be supportive. Chinese gold demand is expected to weaken post Lunar New Year holidays.
Energy: Crude has benefitted from sharp rise in US equity market which has boosted risk sentiment and demand outlook. Also supporting price are signs of OPEC’s adherence to production cut.
Base Metals: Copper dropped sharply as U.S. investors move away from the precious metal for now with a week- long holiday in China starting on Friday expected to take some volume out of the market.