Market Live: Sensex bounces over 100 pts, Nifty above 9,050; GAIL top gainer

11.09 AM:

PMO, Ministers join hands to tackle NPAs in the steel industry, reported CNBC TV 18.

Essar steel, Monnet Espat, Bhushan steel, Electrosteel steel and JSPL were the five companies that were being look into.

PMO, Finance Ministry and Steel Ministry are looking at haircuts and fresh buyers for NPAs among other options. 

10.59 AM:

The Indian markets have made a turn around from yesterday's steep fall.

On the Sensex, GAIL (up 2.18 per cent), Tata Motors (up 1.76 per cent) and Larsen and Toubro (up 1.46 per cent) were the top performers.

All other scrips on the index were trading in green barring ITC, Hindustan Unilever, HDFC Bank and TCS.

On the NSE Nifty, GAIL and BPCL were leading the bourse, gaining over 2 per cent.

Eicher Motors was the top loser on the NSE.

9.20AM:

The S&P BSE Sensex was trading at 29,235.61, up 67.93 points while Nifty50 was trading at 9,056.45, up 26.00 points.

The Nifty Bank and BSE Bankex were trading in the green.

Axis Bank, Hero MotoCorp and Adani Ports were leading the early gains on the BSE.

Shares of BPCL and Idea were the top gainers on the NSE Nifty.

9.10 AM:

PRE OPENING SESSION

The S&P BSE Sensex looked promising in pre opening, bouncing from yesterday's fall. The Nifty, too, was trading in the green.

9.06 AM:

EXPERT TAKE

"Yesterday, we saw a bit of tug of war between two counterparties (the bulls and the bears). At the end, the bulls showed their dominance by taking the charge after Nifty slipping below the 9100 mark. As a result, the Nifty has not only managed to hold this psychological level but also, to close above the important near term support of (5-day EMA), which augurs well for the Nifty. Directionally, we continue to remain upbeat on the market," said an Angel Broking report.

"We reiterate that the Nifty is likely to head towards 9400 - 9600 (price extension of previous up move from recent low of 7893.80) over the next few weeks. Having said that, in between some consolidation or a profit booking (like we saw in last three sessions) by momentum traders cannot be ruled out. On the lower side, 9100 - 9050 levels would provide a strong support in the forthcoming session. Traders are advised to keep using such dips to create fresh longs in the market," the note added.

8.55 AM:

GLOBAL MARKETS

Following a Wall Street rally, Asian stocks rose on Thursday, while the dollar climbed up from a four-month low but still remains clouded by concerns about US President Donald Trump's pro-growth policies.

Sterling was about 0.1 per cent lower at $1.247 in early trade but had fallen as much as 0.4 per cent on Wednesday, after the London attack that killed five people, including the attacker and a police officer, and injured 40.

Japan's Nikkei gained 0.25 percent, because of a weaker yen.

Overnight, the Nasdaq jumped 0.5 per cent and the S&P 500 closed higher, while the Dow Jones Industrial Average was flat, after all three touched their lowest levels in about five weeks earlier in the session.

The dollar advanced 0.15 percent to 111.32 yen in early trade, after dropping to 110.71, its lowest since Nov. 22 overnight.

The dollar index also recovered about 0.1 percent to 99.77, after touching a seven-week low overnight.

Trump has been trying to rally support for his plan to repeal the 2010 Affordable Care Act, Obama Care.

Republican leaders of the House of Representatives plan a vote the bill later in the day.

This is Donald Trump's first major legislation since he took office.

"Failure to push ahead with this legislation will be seen as a defeat for Trump and the market may react negatively in the short-term; however this should be seen as a buying opportunity," James Woods, global investment analyst at Rivkin Securities in Sydney, wrote in a note.

Investors in Asia are awaiting a rate decision from Taiwan's central bank, which is expected to remain on hold.

The central bank is asking some custodian banks to advise their clients not to remit new funds, two people with direct knowledge of the matter told Reuters on Wednesday.