Gains in metal and FMCG stocks and index heavyweights ITC and HDFC pulled key benchmark indices higher in a volatile trading session. The barometer index, the S&P BSE Sensex rose 104.37 points or 0.41% to settle at 25,864.47. The 50-unit Nifty 50 index rose 30.95 points or 0.4% to settle at 7,837.55. The Sensex hit its highest closing level in almost a week. The Nifty hit its highest closing level in more than a week.
The Sensex and Nifty rose for the second straight session.
Overseas cues were positive. European and Asian stocks edged higher. US stocks edged higher yesterday, 16 November 2015, shrugging off concerns the market would be affected by the weekend terrorist attacks in Paris.
The Sensex rose 104.37 points or 0.41% to settle at 25,864.47, its highest closing level since 11 November 2015. The index rose 188.10 points or 0.73% at the day's high of 25,948.20 in mid-afternoon trade, its highest level since 10 November 2015. The index fell 27.31 points or 0.1% at the day's low of 25,732.79 in the afternoon trade.
The Nifty rose 30.95 points or 0.4% to settle at 7,837.55, its highest closing level since 9 November 2015. The index rose 53.85 points or 0.68% at the day's high of 7,860.45 in mid-afternoon trade. The index fell 13.60 points or 0.17% at the day's low of 7,793 in the afternoon trade.
The BSE Mid-Cap index rose 0.31%, underperforming the Sensex. The BSE Small-Cap index rose 0.47%, outperforming the Sensex.
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The market breadth indicating the overall health of the market was positive. On BSE, 1,400 shares rose and 1,288 shares declined. A total of 171 shares were unchanged.
The total turnover on BSE amounted to Rs 2510 crore, lower than turnover of Rs 2669.53 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE FMCG index (up 2.17%), BSE Healthcare index (up 0.79%), BSE Auto index (up 0.55%) and BSE Metal index (up 1.03%) outperformed the Sensex. The S&P BSE IT index (down 0.33%), BSE Bankex index (down 0.26%), BSE Capital Goods index (up 0.04%), BSE Consumer Durables index (down 0.4%), BSE Oil & Gas index (up 0.2%), BSE Power index (up 0.34%), BSE Realty index (down 0.27%) and BSE Teck index (down 0.2%) underperformed the Sensex.
Index heavyweight and cigarette major ITC rose 2.91% at Rs 348.15. The stock hit a high of Rs 349.20 and a low of Rs 339.55 in intraday trade.
Another index heavyweight and housing finance major HDFC rose 1.82% at Rs 1,200.30. The stock hit a high of Rs 1,203.35 and a low of Rs 1,184.15 in intraday trade.
Shares of PSU banks were mixed. Central Bank of India (up 1.17%), Vijaya Bank (up 0.74%), Indian Bank (up 0.6%), Allahabad Bank (up 0.2%), State Bank of India (up 0.02%), Punjab National Bank (up 0.07%) and Indian Overseas Bank (up 0.16%) edged higher. Canara Bank (down 1.99%), Bank of Baroda (down 1.84%), Syndicate Bank (down 1.74%), UCO Bank (down 1.36%) and IDBI Bank (down 1.65%) edged lower.
Shares of private sector banks edged lower. Axis Bank (down 1.32%), IndusInd Bank (down 0.77%), Yes Bank (down 0.75%) and Kotak Mahindra Bank (down 0.28%) declined. HDFC Bank (up 0.37%) edged higher.
ICICI Bank rose 0.06% at Rs 267.35. The stock hit a high of Rs 272.25 and a low of Rs 265.10 in intraday trade. ICICI Bank's board of directors at its meeting held yesterday, 16 November 2015, approved the sale of 6% out of ICICI Bank's shareholding in ICICI Prudential Life Insurance Company, comprising the sale of 4% to Premji Invest & its affiliates and 2% to Compassvale Investments Pte Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek. The proposed transaction values ICICI Prudential Life Insurance Company at Rs 32500 crore. Upon completion of the transaction, ICICI Bank will hold approximately 68% share of ICICI Prudential Life Insurance Company while Prudential Plc, ICICI Bank's joint venture partner, will maintain its current share of approximately 26%, ICICI Bank said in a statement. The announcement was made after market hours yesterday, 16 November 2015.
FMCG stocks gained. Tata Global Beverages (up 3.32%), Marico (up 2.4%), Dabur India (up 1.66%), Nestle India (up 1.51%), Hindustan Unilever (up 1.57%), Britannia Industries (up 1.28%), GlaxoSmithkline Consumer Healthcare (up 1.2%), Godrej Consumer Products (up 1.31%) and Procter & Gamble Hygiene and Health Care (up 0.62%) edged higher. Bajaj Corp (down 1.41%) and Colgate Palmolive (India) (down 0.33%) edged lower.
Metal and mining stocks edged higher. Vedanta (up 2.68%), Hindustan Zinc (up 2.6%), NMDC (up 2.41%), Hindalco Industries (up 2.15%), Tata Steel (up 2.05%), Jindal Steel & Power (up 1.05%) and Steel Authority of India (up 0.66%) gained. National Aluminium Company (down 1.22%) and JSW Steel (down 1.34%) edged lower.
Shares of state-run coal mining giant Coal India rose 0.33% at Rs 332.20. The stock hit a high of Rs 334.10 and a low of Rs 330.50 in intraday trade.
TCS rose 0.66% at Rs 2,390.50. The stock hit a high of Rs 2,398.45 and a low of Rs 2,375.75 in intraday trade. The company during market hours today, 17 November 2015, announced the go-live of a comprehensive IT and business transformation program for Australian Pharmaceutical Industries (API), a leading Australian health and beauty company.
Sun Pharmaceutical Industries rose 1.76% at Rs 753.35 on reports that a foreign brokerage has upgraded the stock to buy rating and raised the target price. The foreign brokerage reportedly said that the market has factored in the worst possible outcome at the Sun Pharma's Halol plant. The plant, which has been under intense regulatory scrutiny of the United States Food & Drug Administration (USFDA), came to Sun Pharma as part of its Ranbaxy acquisition last year. The potential upside for the stock could be over 40% if the Halol issue does not escalate, the brokerage said. However, the brokerage reportedly said the fair value of the stock would work out to current valuation in case the pharma giant receives an import alert from the US drug regulator for the plant.
Key benchmark indices rose for the second straight session. The Sensex has risen 253.94 points or 0.99% in preceding two trading sessions from a recent low of 25,610.53 on 13 November 2015. The Sensex has declined 792.36 points or 2.97% in this month so far (till 17 November 2015). The Sensex has fallen 1,634.95 points or 5.94% in this calendar year so far (till 17 November 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 1,030.93 points or 4.15%. The Sensex is off 4,160.27 points or 13.85% from a record high of 30,024.74 hit on 4 March 2015.
On the macro economic front, data released by the government after market hours yesterday, 16 November 2015 showed that India's merchandise exports continued to decline for the eleventh straight month at 17.5% to $21.35 billion in October 2015 over October 2014. Meanwhile, merchandise imports also dipped 21.2% to $31.12 billion. The trade deficit narrowed 28.1% to $9.77 billion in October 2015 from $14.47 billion in October 2014.
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