Key benchmark indices extended gains and hit fresh intraday highs in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 150.70 points or 0.57% to 26,364.14. The Nifty 50 index was currently up 51.60 points or 0.64% at 8,084.45. Both the Sensex and the Nifty hit one-week high. The market sentiment was boosted after data showed that domestic institutional investors made substantial purchases of Indian stocks yesterday, 27 December 2016.
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.
After opening higher, key indices further extended gains as the day's trade progressed. The Sensex gained 161.31 points or 0.62% at the day's high of 26,374.75 in early afternoon trade, its highest level since 21 December 2016. The index rose 3.10 points or 0.01% at the day's low of 26,216.54 in early trade. The Nifty gained 53.85 points or 0.67% at the day's high of 8,086.70 in early afternoon trade, its highest level since 21 December 2016. The index rose 0.40 points at the day's low of 8,033.25 in early trade.
In side indices, the BSE Mid-Cap index was currently up 1.27%. The BSE Small-Cap index was currently up 1.4%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,707 shares rose and 599 shares fell. A total of 124 shares were unchanged.
Index heavyweight and housing finance major HDFC advanced 0.95% to Rs 1,243.50. The stock hit high of Rs 1,247 and low of Rs 1,225.25 so far during the day.
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FMCG stocks rose. Britannia Industries (up 1.38%), GlaxoSmithkline Consumer Healthcare (up 1.21%), Colgate-Palmolive (India) (up 0.98%), Dabur India (up 1.57%), Godrej Consumer Products (up 1.5%), Hindustan Unilever (up 1%), Marico (up 1.65%), Nestle India (up 0.24%), Tata Global Beverages (up 0.33%), Procter & Gamble Hygiene and Health Care (up 0.94%) and Jyothy Laboratories (up 2.13%) rose. Bajaj Corp (down 0.28%) fell.
Realty stocks gained on renewed buying. Indiabulls Real Estate (up 2.57%), DLF (up 0.18%), Housing Development and Infrastructure (up 1.64%), D B Realty (up 0.56%), Unitech (up 3.02%), Sobha (up 1.2%), Godrej Properties (up 0.78%), Prestige Estates Projects (up 1.94%), Oberoi Realty (up 0.74%) and Parsvnath Developers (up 0.4%) gained.
Religare Enterprises (REL) rose 2.21% after the company's board approved a plan to merge 11 of its subsidiaries with itself. The proposed structure is aimed at streamlining the organization and is designed to allow REL to achieve its objective of following a focused, growth oriented strategy. The announcement was made after market hours yesterday, 27 December 2016.
The units to be merged are: Religare Securities (excluding its broking business), Religare Commodity Broking, RGAM Investment Advisors, Religare Venture Capital, Religare Arts Investment Management, Religare Capital Finance, RGAM Capital India, Religare Investment Advisors, Religare Support Services, Religare Arts Initiative and Religare Capital Markets (India).
The new structure will reduce operational and administrative costs of maintaining multiple legal entities and focus resources on core businesses. The consolidation will not have an impact on the company's shareholding pattern.
Cupid jumped 6.26% after the company scheduled a board meeting on 5 January 2017 to consider a proposal for raising funds through issue of securities. The announcement was made during market hours today, 28 December 2016.
Globus Spirits rose 3.19% after the company said it has resumed operation and commenced commercial production (with a production capacity of 80,000 bulk litre per day) on 2 December 2016 after removing all the technical bottlenecks at its unit at Jandoho, Bihar. The operations at the Bihar unit were disrupted since 5 September 2016 owing to flooding at the factory premises caused by heavy rains. The announcement was made during trading hours today, 28 December 2016.
Overseas, Asian stocks were trading mostly in green. 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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