Key benchmark indices gained on the last day of the week and the calendar year 2016 sustained buying demand in index pivotals especially ITC and Infosys. The barometer index, the S&P BSE Sensex, rose 260.31 points or 0.99% at 26,626.46, as per the provisional closing data. The Nifty 50 index rose 82.20 points or 1.01% at 8,185.80. Steady buying by domestic institutional investors boosted sentiment on the domestic bourses.
Trading for the day kicked-off on an upbeat note on positive Asian stocks. Domestic stocks kept on gaining ground thereafter as the day's trade progressed. Both the Sensex and the Nifty hit fresh over two-week high in late trade.
The Sensex gained 312.45 points or 1.19% at the day's high of 26,678.60 in late trade, its highest level since 15 December 2016. The index rose 40.38 points or 0.15% at the day's low of 26,406.53 at the onset of the session. The Nifty gained 93.40 points or 1.15% at the day's high of 8,197 in late trade, its highest level since 15 December 2016. The index rose 11.15 points or 0.14% at the day's low of 8,114.75 at the onset of the session.
Data showed that domestic institutional investors (DIIs) bought shares worth a net Rs 957.83 crore yesterday, 29 December 2016, as per provisional data. The foreign portfolio investors (FPIs) sold shares worth a net Rs 662.29 crore yesterday, 29 December 2016, as per provisional data released by the stock exchanges.
Mid-Cap and small-cap counters saw renewed buying activity since last few sessions. The BSE Mid-Cap index provisionally rose 1.07%, outperforming the Sensex. The BSE Small-Cap index provisionally rose 0.77%, underperforming the Sensex.
The broad market depicted strength. There were over two gainers against every loser on BSE. On the BSE, 1,758 shares rose and 862 shares fell. A total of 193 shares were unchanged.
More From This Section
The total turnover on BSE amounted to Rs 3131.21 crore, higher than the turnover of Rs 1990.45 crore registered during the previous trading session.
Index heavyweight and cigarette major ITC gained 2.31% to Rs 240.95. The stock hit a high of Rs 242.30 and low of Rs 236.10 in intraday trade.
FMCG stocks gained. GlaxoSmithkline Consumer Healthcare (up 1.78%), Colgate-Palmolive (India) (up 1.48%), Dabur India (up 0.58%), Godrej Consumer Products (up 1.78%), Hindustan Unilever (up 1.35%), Marico (up 4.25%), Nestle India (up 0.62%), Tata Global Beverages (up 1.07%), Jyothy Laboratories (up 2.7%) and Bajaj Corp (up 3.99%) rose. Procter & Gamble Hygiene and Health Care (down 0.13%) and Britannia Industries (down 0.3%) fell.
Lupin rose 0.68% after the company announced that it has received tentative approval from the United States Food and Drug Administration to market Pitavastatin tablets, 1 mg, 2 mg, and 4 mg, a generic version of Kowa Company's Livalo tablets. The filing is from Lupin's Pithampur (Indore) manufacturing facility. The announcement was made during market hours today, 30 December 2016.
Lupin's Pitavastatin tablets are indicated as an adjunctive therapy to diet to reduce elevated total cholesterol, low-density lipoprotein cholesterol, apolipoprotein B, triglycerides, and to increase HDL-C in adult patients with primary hyperlipidemia or mixed dyslipidemia. Livalo tablets had annual US sales of $245.3 million (IMS MAT Sep 2016).
Meanwhile, with the 50-day period for depositing of demonetised Rs 500 and Rs 1000 notes expiring today, 30 December 2016, Prime Minister Narendra Modi is reportedly set to address the nation at 19:30 IST tomorrow, 31 December 2016. In his address, the Prime Minister may reportedly speak about the roadmap post the demonetisation period especially on the steps likely to be taken to ease cash flow that has been a major problem ever since demonetisation took place.
He may also speak on the steps to deal with the problems the economy faces after the demonetisation was announced on 8 November 2016. On Tuesday, 27 December 2016, Modi had met economists and experts at a meeting in Niti Aayog to discuss the current economic situation.
On the economic front, the government will release data for several economic indicators today, 30 December 2016 including fiscal deficit, foreign exchange reserves, foreign debt and trade figures.
Overseas, European stocks were trading lower. Most Asian stocks settled higher. US stocks closed fractionally lower yesterday, 29 December 2016 as investors remained reluctant to make big bets in a thinly-traded session ahead of long holiday weekend.
On the US data front, jobless claims declined by 10,000 to 265,000 for the week ending 24 December 2016, according to Labor Department report. This marks the 95th straight week that claims were below 300,000, a threshold associated with a healthy labor market.
Meanwhile, US trade deficit grew last month, according to a report released by the Commerce Department on Thursday. The initial estimate, which does not include trade in services, showed that the country exported $1.2 billion less in November than in October. Imports rose by $2.2 billion during the month.
Powered by Capital Market - Live News