Trading for the week ended on a buoyant note as key benchmark indices surged led by gains in IT and pharma stocks. The barometer index, the S&P BSE Sensex, jumped 456.17 points or 1.76% at 26,316.34, as per the provisional closing data. The gains of the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty surged 148.80 points or 1.87% at 8,114.30, as per the provisional closing data. The Sensex and the Nifty, both, hit their highest level in one-week in late trade.
The Sensex provisionally closed above the psychological 26,000 mark after regaining that mark in early trade. The Nifty provisionally ended above the psychological 8,000 level after reclaiming that mark in early trade. Bargain hunting emerged after the recent heavy selling on the bourses as emerging markets witnessed selling pressure on worries that US president elect Donald Trump's likely fiscal expansionary policies could result in hike in interest rates there which could spark capital outflows from the emerging equity markets.
After opening higher, key indices continuously marched ahead as the day's trade progressed. The Sensex jumped 483.78 points or 1.87% at the day's high of 26,343.95 in late trade, its highest level since 18 November 2016. The barometer index rose 14.28 points or 0.05% at the day's low of 25,874.45 in early trade. The Nifty surged 156.75 points or 1.96% at the day's high of 8,122.25 in late trade, its highest level since 18 November 2016. The index rose 11.25 points or 0.14% at the day's low of 7,976.75 in early trade.
In overseas stock markets, European stocks were trading flat amid volatility. Asian stocks gained as the Thanksgiving break in the United States pegged the dollar's relentless surge that had sucked capital out of most emerging markets. US markets remained closed yesterday, 24 November 2016, on Thanksgiving holiday and trading will end early today, 25 November 2016 there.
Closer home, the broad market depicted strength. There were more than three gainers against every loser on BSE. 2,030 shares rose and 596 shares fell. A total of 168 shares were unchanged. The BSE Mid-Cap index provisionally rose 1.3%, underperforming the Sensex. The BSE Small-Cap index provisionally gained 1.74%, outperforming the Sensex.
IT stocks jumped after the recent weakness in rupee against the dollar. Tech Mahindra (up 5.48%), HCL Technologies (up 4.55%), Hexaware Technologies (up 6.88%), TCS (up 5.37%), and Infosys (up 4.62%) jumped. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Wipro gained 2.96% after the company announced that it completed the acquisition of Appirio on 23 November 2016. As mentioned in the media presentation submitted as part of results for Q2 September 2016, impact of the Appirio acquisition is expected to reflect in the financials of Wipro for Q3 December 2016, the company said. The announcement was made after market hours yesterday, 24 November 2016.
More From This Section
Meanwhile, after witnessing selling pressure recently, rupee edged higher against the dollar today, 25 November 2016, after hitting a record low in the previous session. The partially convertible rupee was hovering at 68.40, compared with its close of 68.745 during the previous trading session.
J Kumar Infraprojects jumped 10% after the company said it bagged a contract from the Delhi Metro Rail Corporation. The announcement was made during trading hours today, 25 November 2016. J Kumar Infraprojects, on behalf of the J. Kumar Infra - CRTG JV, signed an agreement with the Delhi Metro Rail Corporation (DMRC) worth Rs 1344.93 crore on Thursday, 24 November 2016, for Phase-2 of the Mumbai metro project and other projects worth Rs 449.19 crore.
Steel Strips Wheels rose 0.63% after the company said that it bagged an export order for supplying Caravan Steel wheels for trailer market. The announcement was made during trading hours today, 25 November 2016. The company said the total order is for supplying approximately 20,000 wheels. Orders will be executed from SSWL's Chennai plant with shipments starting from December 2016. This is a repeat order from the export customer. The company has also bagged an order to supply wheels to BMW India. The total order size is 18,000 wheels and the order will start for mass supplies from March 2017 from the company's Chennai facility. This order marks strong competence of SSWL in both export and high end segments of the market. SSWL is expecting to receive additional orders for the Caravan wheels from other European Union (EU) customers in coming weeks.
Powered by Capital Market - Live News