Key benchmark indices hovered close to their intraday highs in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 123.45 points or 0.48% to 25,930.55. The Nifty 50 index was currently up 38.30 points or 0.48% at 7,946.55. Gains in Asian stocks resulted in bargain hunting in Indian stocks after the recent selling.
Indian shares had declined recently as foreign portfolio investors offloaded stocks on worries about outflows from emerging markets to the United States and continued concerns about India's move announced in early November to ban higher-value currency notes.
In today's trade, after a positive start, key indices held firm after building onto gains as trading for the day progressed. The Sensex rose 147.71 points or 0.57% at the day's high of 25,954.81 in mid-morning trade. The index fell 3.91 points or 0.02% at the day's low of 25,803.19 at the onset of the session. The Nifty rose 49.60 points or 0.63% at the day's high of 7,957.85 in mid-morning trade. The index declined 4.55 points or 0.06% at the day's low of 7,903.70 at the onset of the session.
In side indices, the BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.7%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,374 shares rose and 929 shares fell. A total of 165 shares were unchanged.
Capital goods stocks edged higher on bargain hunting after the recent losses. Bharat Heavy Electricals (Bhel) (up 1.07%), Havells India (up 2.01%), ABB India (up 0.47%), Bharat Electronics (up 1.61%), L&T (up 0.03%), Thermax (up 0.94%), and Siemens (up 0.92%) gained.
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Most auto stocks also gained. Mahindra & Mahindra (M&M) (up 0.97%), Maruti Suzuki India (up 0.16%), Eicher Motors (up 1.6%), Bajaj Auto (up 0.26%), and Tata Motors (up 0.45%) gained. Ashok Leyland (down 0.26%), Hero MotoCorp (down 0.52%), and TVS Motor Company (up 3.02%) declined.
Godrej Properties rose 1.13% after the company announced that Godrej BKC, its commercial project in Mumbai, has received the Leadership in Energy and Environmental Design (LEED) Platinum certification.
LEED Platinum certification is globally recognized the highest rating for sustainable buildings. With this achievement, Godrej BKC becomes the only multi-occupant building in Bandra Kurla Complex (BKC), Mumbai's new commercial center, to be LEED Platinum certified. The announcement was made during trading hours today, 27 December 2016.
Petronet LNG was up 2.57% to Rs 355.05 on reports that a domestic brokerage has maintained buy call on the stock with a target price of Rs 411.
Overseas, Asian stocks were trading with slim gains, in thin trade and with little to guide them as most major markets were closed yesterday, 26 December 2016 for Christmas holidays. Meanwhile, in economic data, earnings growth accelerated in China's industrial sector in November, indicating that Beijing could reach its annual economic growth target, official data showed today, 27 December 2016. Industrial profits grew 14.5% in November from a year ago, faster than the 9.8% gain posted in October, according to the National Bureau of Statistics.
Markets in Australia, New Zealand and Hong Kong remain shut today, 27 December 2016 while those in the US and the UK will resume trading after the Christmas break.
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