Volatility struck bourses in morning trade as the key benchmark indices hit fresh intraday high soon after erasing almost entire early gains. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 76.82 points or 0.29% to 26,290.26. The Nifty 50 index was currently up 25.40 points or 0.32% at 8,058.25. The broad market depicted strength. Sentiment was boosted after data showed that domestic institutional investors made substantial purchases of Indian stocks yesterday, 27 December 2016.
Trading activity showed that domestic institutional investors (DIIs) bought shares worth a net Rs 1502.41 crore yesterday, 27 December 2016, as per provisional data. Foreign portfolio investors (FPIs) sold shares worth a net Rs 712.17 crore yesterday, 27 December 2016, as per provisional data released by the stock exchanges.
In side indices, the BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 1.01%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,481 shares rose and 422 shares fell. A total of 76 shares were unchanged.
Pharma shares extended yesterday's gains on follow-up buying. Cipla (up 1.26%), Dr Reddy's Laboratories (up 1.13%), Glenmark Pharmaceuticals (up 2.22%), Lupin (up 1.06%), Sun Pharmaceutical Industries (up 0.82%), Cadila Healthcare (up 0.51%), Alkem Laboratories (up 1.33%), GlaxoSmithKline Pharmaceuticals (up 0.46%), Aurobindo Pharma (up 0.91%) and Wockhardt (up 1.71%) gained.
Cement stocks rose. Ambuja Cements (up 0.86%), ACC (up 0.24%), UltraTech Cement (up 0.32%) and Shree Cement (up 0.47%) gained.
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Grasim Industries was up 1.26% at Rs 820. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Parag Milk Foods rose 2.29% to Rs 265.25. Macquarie Emerging Markets Asian Trading Pte sold 19.83 lakh shares of the company at Rs 253.85 per share to New Horizon Opportunities Master Fund in bulk deal on the BSE yesterday, 27 December 2016. Copthall Mauritius Investment offloaded 4.96 lakh shares at Rs 253 a piece to New Horizon Opportunities Master Fund in bulk deal on the BSE yesterday, 27 December 2016. Copthall Mauritius Investment held 1.83% stake and Macquarie Emerging Markets Asian Trading Pte owned 2.87% stake in Parag Milk Foods end September 2016.
Bharat Financial Inclusion rose 5.08% to Rs 545.30 after Morgan Stanley Asia (Singapore) and Morgan Stanley Mauritius Company increased stake in the company by purchasing 15.16 lakh shares, or 1.09% stake, in the company on Friday, 23 December 2016. Post acquisition, the total stake of Morgan Stanley Asia (Singapore) and Morgan Stanley Mauritius Company increased to 7.86% in Bharat Financial Inclusion. The announcement was made after market hours yesterday, 27 December 2016.
Overseas, Asian stocks were trading on mixed note. US stocks rose in a thinly traded session yesterday, 27 December 2016 with the Nasdaq hitting its latest in a series of records as the market's recent upward bias continued, helped by a gain in technology shares. In the latest economic data, Consumer confidence in December jumped to 113.7 from a revised 109.4 in November, hitting its highest level since 2001.
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