Key benchmark indices provisionally settled with small gains after hovering within a narrow range near the flat line in intraday trade. The barometer index, the S&P BSE Sensex, rose 91.03 points or 0.35% at 26,051.81, as per the provisional closing data. The Nifty 50 index gained 21.95 points or 0.27% at 8,024.25, as per the provisional closing data. The Sensex provisionally settled above the psychological 26,000 mark after alternately moving above and below that mark in intraday trade. The Nifty provisionally closed above the psychological 8,000 level after falling below that mark in intraday trade. Key indices gained for the second day in a row today, 23 November 2016.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,908 shares rose and 676 shares fell. A total of 169 shares were unchanged. Buying was witnessed in mid-cap and small-cap stocks for the second day running after witnessing a recent steep selling pressure in these counters. The BSE Mid-Cap index provisionally advanced 1.22%. The BSE Small-Cap index provisionally added 1.54%. Both these indices outperformed the Sensex.
Key indices remained in the positive terrain for the major part of the trading session. The Sensex rose 169.71 points or 0.65% at the day's high of 26,130.49 in early trade, its highest level since 21 November 2016. The barometer index lost 83.62 points or 0.32% at the day's low of 25,877.16 in morning trade. The Nifty rose 52.90 points or 0.66% at the day's high of 8,055.20 in early trade, its highest level since 21 November 2016. The index lost 29.20 points or 0.36% at the day's low of 7,973.10 in morning trade.
In overseas stock markets, European stocks reversed initial gains amid volatility. Euro zone business expanded at the fastest rate this year in November, thanks to strong activity at manufacturers and a spike in new orders, even as firms generally held prices steady, a survey showed today, 23 November 2016. IHS Markit's euro zone flash composite Purchasing Managers' Index, seen as a good overall growth indicator, jumped to 54.1 from October's 53.3, the highest reading this year and just shy of last December's 54.3. It was far above the 50 point line indicating growth in activity.
Asian stocks were mixed. Japanese stock markets were closed for a holiday. Latest data showed that Chinese business confidence improved in November. The MNI Deutsche Borse Group business sentiment indicator rose 1.7% to 53.1 in November, after falling 6.5% in October. In mainland China, the Shanghai Composite ended 0.22% lower. In Hong Kong, the Hang Seng settled 0.01% lower.
US stocks closed at record highs yesterday, 22 November 2016, extending recent gains. The Dow Jones Industrials Average and S&P 500 cleared psychological milestones with Dow closing above the 19,000 level for the first time while major indexes simultaneously reached record highs. US markets have been in a strong uptrend since the presidential election two weeks ago. Donald Trump's unexpected victory was viewed as a positive for Wall Street, because the president-elect is expected to advocate for policiesincluding massive corporate tax cuts and financial and environmental deregulationseen as supportive for economic growth.
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L&T rose 1.79% after consolidated net profit jumped 84.31% to Rs 1434.63 crore on 8.73% growth in total income to Rs 25491.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 22 November 2016.
The company's consolidated profit after tax (PAT) before exceptional items rose 41% to Rs 1032 crore in Q2 September 2016 over Q2 September 2015. As a part of implementation of its strategic plan, the company has divested the General Insurance business. Gross revenue on consolidated basis rose 8.2% to Rs 25011 crore in Q2 September 2016 over Q2 September 2015. Consolidated order inflow increased by 11% year on year (YoY) to Rs 31119 crore in Q2 September 2016. International orders constituted 24% of the total order inflow. Consolidated order book stood at Rs 251773 crore as on 30 September 2016, higher by 4% on YoY basis. International order book constituted 29% of the total order book.
On the business outlook, L&T said, it has integrated range of comprehensive offerings in its various operating segments and is implementing its strategic plan of profitable growth and higher return on equity. On the international front, the company continues to strengthen its position and pursue select prospects in the core infrastructure and energy sector. L&T said it is well placed to benefit from the emerging opportunities and sustain its leadership position across the sectors.
Metal & mining stocks gained for the second day in a row. JSW Steel (up 0.73%), Bhushan Steel (up 1.29%), Hindustan Copper (up 0.72%), Hindalco Industries (up 3.81%), Hindustan Zinc (up 2.7%), Tata Steel (up 2.91%), Steel Authority of India (Sail) (up 2.19%), and NMDC (up 1.01%) gained. National Aluminum Company was flat. Jindal Steel & Power declined 0.22%.
Vedanta rose 5.18%, extending yesterday's 4.90% rise triggered by the company's board approving to raise Rs 300 crore through issue of non-convertible debentures. The announcement was made during market hours yesterday, 22 November 2016. Vedanta announced that it has received board's approval to raise Rs 300 crore through issue of 3,000 secured redeemable non-cumulative non-convertible debentures (NCDs) of face value of Rs 10 lakh each. The tenure of the NCDs is three years and five months from the date of allotment, while date of maturity is 22 April 2020.
Ushdev International hit a lower circuit limit of 5% at Rs 217.55 after the company reported net loss of Rs 123.68 crore in Q2 September 2016 as against net profit of Rs 71.82 crore in Q2 September 2015. Net sales declined 67.15% to Rs 806.10 crore in Q2 September 2016 over Q2 September 2015. The board meeting of Ushdev International was held yesterday, 22 November 2016. The board discussed that few banks have declared the loan account of the company as non performing asset and rating agency India Ratings and Research has revised the rating of the company. The board discussed in length and the company is working on a suitable solution, it said. The announcement was made after market hours yesterday, 22 November 2016. Meanwhile, the company's board also approved 10-for-1 stock split.
Solar Industries India lost 2.14% after consolidated net profit rose 0.19% to Rs 36.93 crore on 1.59% fall in total income from operations to Rs 350.88 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 23 November 2016.
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