Key benchmark indices continued their upward march and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 171.44 points or 0.65% to 26,384.88. The Nifty 50 index was currently up 58.55 points or 0.73% at 8,091.40. The Sensex hit more than one-week high and the Nifty hit highest level in one-week in afternoon trade. Bargain-hunting continued for the second straight session amid lacklustre trade in Asian stocks after a recent selloff in local indices.
The Nifty and the Sensex, which had gained almost 1.6% yesterday, 27 December 2016, had declined in eight out of nine sessions as of Monday's (26 December 2016) close. The data showed that domestic institutional investors made substantial purchases of Indian stocks yesterday, 27 December 2016.
Domestic institutional investors (DIIs) bought shares worth a net Rs 1502.41 crore yesterday, 27 December 2016, as per provisional data. Foreign portfolio investors (FPIs) sold shares worth a net Rs 712.17 crore yesterday, 27 December 2016, as per provisional data released by the stock exchanges.
In today's trade, after opening higher, key indices further extended gains as the day's trade progressed. The Sensex gained 183.56 points or 0.7% at the day's high of 26,397 in afternoon trade, its highest level since 20 December 2016. The index rose 3.10 points or 0.01% at the day's low of 26,216.54 in early trade. The Nifty gained 61.80 points or 0.76% at the day's high of 8,094.65 in afternoon trade, its highest level since 21 December 2016. The index rose 0.40 points at the day's low of 8,033.25 in early trade.
In side indices, the BSE Mid-Cap index was currently up 1.25%. The BSE Small-Cap index was currently up 1.4%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,705 shares rose and 662 shares fell. A total of 137 shares were unchanged.
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Most auto stocks gained on renewed buying. Ashok Leyland (up 0.32%), Maruti Suzuki India (up 0.4%), Eicher Motors (up 1.92%), Bajaj Auto (up 0.27%), and TVS Motor Company (up 0.13%) gained. Hero MotoCorp (down 0.05%) and Tata Motors (down 0.3%) declined.
Mahindra & Mahindra (M&M) rose 0.9% after the company announced a restructuring of its businesses under Dr. Pawan Goenka, Managing Director, M&M. The company formed a new sector, the Agriculture Sector. This is in addition to its two existing sectors, namely- Automotive and Farm Equipment Sectors.
The company has also announced the appointment of Mr. Rajan Wadhera as the incoming President of the Automotive Sector. Mr. Wadhera will take over from Pravin Shah, the current President & Chief Executive (Automotive) M&M, as he retires on 31 March 2017.
Subsequent to the restructuring announcement, the respective business heads have also been re- designated. Accordingly, Rajesh Jejurikar will now be the President of the Farm Equipment Sector and Ashok Sharma, the President, of the Agriculture Sector. All three sector Presidents in their respective capacities will report to Dr. Pawan Goenka. All changes will be effective 1 April 2017.
Mahindra trucks and buses and the construction equipment businesses will now be an integral part of the Automotive sector and will report to Mr. Rajan Wadhera. The announcement was made during trading session today, 28 December 2016.
Capital goods stocks were trading mixed. Bharat Heavy Electricals (Bhel) (up 0.88%), BEML (up 0.28%), ABB India (up 0.35%), Bharat Electronics (up 0.67%), and Siemens (up 1.14%) gained. Havells India (down 0.08%), Thermax (down 0.41%), and L&T (down 0.22%) declined.
Overseas, Asian stocks were mixed. Among economic data in Asia, Japanese industrial production rose 1.5% on month in November on a seasonally adjusted basis. The rise was slightly smaller than expected by economists, and came after output stayed flat in October, according to data released by the Ministry of Economy, Trade and Industry.
US stocks rose in a thinly traded session yesterday, 27 December 2016 with the Nasdaq Composite index hitting its latest in a series of records as the market's recent upward bias continued, helped by a gain in technology shares. In the latest economic data, Consumer confidence in December jumped to 113.7 from a revised 109.4 in November, hitting its highest level since 2001.
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