The stock market registered modest gains, extending previous session's gains. The barometer index, the S&P BSE Sensex advanced 235.98 points or 0.71% at 33,342.80, as per the provisional closing data. The Nifty 50 index rose 57.65 points or 0.56% at 10,272.40, as per the provisional closing data. Positive global cues boosted sentiment. Investor risk appetite also increased after rating agency Moody's Investors Service has upgraded sovereign rating of India a notch above investment grade after a long gap of 14 years.
Realty stocks surged after the Union Cabinet yesterday, 16 November 2017, approved the increase in the carpet area of houses eligible for interest subsidy scheme under Pradhan Mantri Awas Yojana (Urban). Index pivotals HDFC, HDFC Bank and ITC advanced.
Key indices opened the session on a strong note and later held firm till mid-afternoon trade on positive global cues. Indices trimmed gains in late trade as European stocks edged lower.
Among secondary indices, the S&P BSE Mid-Cap index provisionally surged 1.03%. The S&P BSE Small-Cap index provisionally advanced 0.81%. Both the indices outperformed the Sensex.
Overseas, European stocks edged lower as investors digested further earnings and data. Asian stocks edged higher as global equities appeared to bounce back after declines earlier in the week. US equities rose yesterday, 16 November 2017, rebounding from consecutive declines, following strong quarterly results.
Closer home, the breadth, indicating the overall health of the market, was positive. On BSE, 1,596 shares rose and 1,150 shares declined. A total of 182 shares were unchanged.
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Realty stocks surged after the Union Cabinet yesterday, 16 November 2017, approved the increase in the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan Mantri Awas Yojana (Urban). Indiabulls Real Estate (up 2.62%), Godrej Properties (up 2.44%), Prestige Estates Projects (up 3.78%), D B Realty (up 3.19%), Sobha (up 1.18%), DLF (up 6.75%), HDIL (up 5.76%) and Unitech (up 1.8%) advanced. Oberoi Realty (down 0.83%) declined.
To further enhance the scope, coverage and outreach of the scheme, the Cabinet has approved increasing the carpet area in the middle income group (MIG I) category of CLSS from the existing 90 square metre to up to 120 square metre and increasing the carpet area in respect of MIG II category of CLSS from the existing 110 square metre to up to 150 square metre.
Index heavyweight and housing finance major HDFC advanced 2.02% at Rs 1,697.50.
Cigarette major and index heavyweight ITC gained 1.02% to Rs 257.65.
Private sector banking major HDFC Bank advanced 1% at Rs 1,823.50.
TCS was down 1.33% at Rs 2,710.10. The company announced the introduction of a TCS global development center based in Hyderabad, to provide operational efficiencies and an enhanced customer experience for Zebra Technologies, the market leader in tracking technology and solutions that generate actionable information and insight. The announcement was made during market hours today, 17 November 2017.
On the macro front, rating agency Moody's Investors Service has upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. Moody's has revised the sovereign rating of India a notch above investment grade after a long gap of 14 years.
Among other key news, the Union Cabinet chaired by the Prime Minister Narendra Modi yesterday, 16 November 2017, gave its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on 15th November's sharp reduction in the GST rates of a large number of items of mass consumption. This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices, a press release issued by the government after market hours yesterday, 16 November 2017 said.
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