Key benchmark indices ended higher, tracking strong cues in the European market. The barometer index, the S&P BSE Sensex, up 118.44 points or 0.45% to 26,349.10, as per the provisional closing data. The Nifty 50 index up 41.95 points or 0.52% to 8,128.75, as per the provisional closing data.
The Sensex and the Nifty, both, bounced back in mid-afternoon trade after hitting their lowest intraday levels in more than one week in early afternoon trade. The Sensex rose 160.14 points, or 0.61% at the day's high of 26,390.80 in late trade. The index fell 105.31 points, or 0.40% at the day's low of 26,125.35 in early afternoon trade, its lowest level since 25 November 2016. The Nifty rose 55.10 points, or 0.68% at the day's high of 8,141.90 in late trade. The index fell 29.95 points, or 0.37% at the day's low of 8,056.85 in early afternoon trade, its lowest level since 25 November 2016.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,515 shares rose and 1,107 shares fell. A total of 158 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.66%, outperforming the Sensex. The BSE Small-Cap index provisionally rose 0.26%, underperforming the Sensex.
The total turnover on BSE amounted to Rs 2129.40 crore, lower than turnover of Rs 2727.04 crore registered during the previous trading session on Friday, 2 December 2016.
IT shares declined. MindTree (down 2.45%), Tech Mahindra (down 2.19%), TCS (down 1.66%), Wipro (down 0.84%), Persistent Systems (down 0.44%), MphasiS (down 0.36%), Infosys (down 0.34%) and HCL Technologies (down 0.26%), edged lower. Hexaware Technologies (up 0.47%) and Oracle Financial Services Software (up 1.19%), edged higher.
Metal shares edged higher as copper price edged higher in the global commodities markets. National Aluminium Company (up 4.06%), Hindalco Industries (up 3.23%), Bhushan Steel (up 3.13%), Steel Authority of India (up 3.03%), Jindal Steel & Power (up 1.78%), Tata Steel (up 1.72%), Vedanta (up 1.57%), Hindustan Copper (up 1.53%) and Hindustan Zinc (up 1.21%), edged higher. JSW Steel fell 0.42%.
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NMDC rose 5.11%. The company announced that Government of India, Ministry of Steel has communicated the 'in-principle' decision of the Cabinet Committee on Economic Affairs (CCEA) of Government of India to consider strategic disinvestment of the Nagarnar Steel Plant of the company. The announcement was made after market hours on Friday, 2 December 2016. Separately, company announced on Saturday, 3 December 2016, that the prices of lump iron ore with effect from 29 November 2016 was kept unchanged at Rs 2,100 wet metric tonne (WMT) compared to prices last revised in early November. The company rose fine ore prices by 5.68% to Rs 1,860 per WMT from 29 November 2016, compared to prices last revised in early November.
High Grade Copper for March 2017 delivery was currently up 1.43% at $2.6625 per pound on the COMEX.
Parsvnath Developers surged 4.90% to Rs 13.05 after the company reported a net loss of Rs 6 crore in Q2 September 2016, lower than than net loss of Rs 12 crore in Q2 September 2015. The company's revenue declined 8.3% to Rs 55 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxation, depreciation, and amortization (EBITDA) rose 22.2% to Rs 11 crore. EBITDA margin edged higher to 20% in Q2 September 2016, from 15% registered a year ago. The result was announced after market hours on Friday, 2 December 2016.
A2Z Infra Engineering rose 3.03% to Rs 40.75 after the company announced that Chhattisgarh State Power Transmission Company awarded contract to the company. Contract is for construction of 132 KV S/S Pakhanjur and associates extra high voltage (EHV) line on turnkey basis TR-16/05 for value of Rs 35.25 crore. The announcement was made after market hours on Friday, 2 December 2016.
On macro front, latest data released by Markit Economics showed that India's services sector activity declined sharply last month as cash shortages hit the sector in the wake of the government's move to demonetise higher denomination notes. The seasonally adjusted headline Nikkei India Services Business Activity Index dropped to 46.70 in November, from 54.50 in October, registering contraction for the first time since June 2015 and pointed to the sharpest reduction in output for almost three years.
Overseas, European stocks advanced while the euro recovered from early losses today, 5 December 2016, as investors shrugged off Italian voters' rejection of a constitutional referendum. Most Asian stocks edged lower as investors feared the no vote in Italy's referendum on Sunday, 4 December 2016, could hurt the country's banking system and lead to global contagion. Italy's prime minister resigned following a heavy referendum defeat.
US stocks struggled for direction on Friday, 2 December 2016, with the Dow industrials finishing lower and the S&P 500 and the Nasdaq closing slightly higher as investors digested a weaker-than-expected payroll report, favoring sectors viewed as safe in economically uncertain times.
The uncertainty was underlined by the November jobs report, which showed 178,000 jobs added in the month, fewer than had been expected, while the count over the prior two months was reduced. However, the jobless rate fell sharply to a nine-year low of 4.6%.
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